Lakshmi Mittal (born June 15, 1950 at Sadulpur, Churu district of Rajasthan, India), the biggest steel maker in the world lives in London. He is the Chairman & CEO of Arcelor Mittal controlling 10 percent of the total steel production in the world. Arcelor-Mittal was constituted with the merger of Arcelor with Mittal Steels.
Lakshmi Mittal was born to a poor Marwari Agarwal caste family. His grandfather worked with Tarachand Ghanshyam Das firm, a leading Marwari industrial firm. His family shifted to Kolkatta where his father, Mohan Mittal, became a partner in a steel company. He is ranked the third wealthiest person in the world next to Bill Gates and Warren Buffet according to Forbes Magazine.
Education & Career of Lakshmi Mittal
Lakshmi Mittal graduated in commerce from St. Xaviers in Kolkata in 1969. He joined the family's steelmaking business in India. He founded Mittal Steel Company in 1976. in 1994 he split up from the family business taking with him the international arm which has interests in Indonesia, Tobago and Trinidad while his father and two brothers took care of the domestic Indian business.
Important Works by Lakshmi Mittal
Mittal Steel acquired steel producers in the former communist countries such as Romania, Kazakhstan and Ukraine. The company took over International Steel Group in the U.S. for $4.5 billion in 2004. Mittal Steel now has operations in 4 continents in 14 countries.
He set up Mittal Champions Trust with a capital of US$9 million to support 10 world-class Indian athletes. He launched LNM Foundation which launched LNM Information Technology Institute for Rs 360 million located near Jaipur in Rajasthan offering under-graduate, post-graduate, doctorate and R&D programmes.
He became the owner of the most expensive home in the world, Kensington mansion, in 2003 for $128 million (£70 million) from Bernie Ecclestone, a Formula One racer. The wedding bash of his daughter Vanisha is estimated to cost $50 million, the most expensive wedding ever.
There have been criticisms against him for ‘slave labour’ conditions, fatalities in mines such as the December 2004 explosions in Kazakhstan where twenty-three miners died.His pulling out of the former Irish Steel Haulbowline plant, Cork abruptly left 400 people jobless, €57 million debt and environmental issues.
Lakshmi Mittal received a number of awards including Padma Vibhushan (2008); Bessemer Gold Medal (2007); Person of the Year - Financial Times (2006); European Businessman of the Year - Fortune magazine (2004); Willy Korf Steel Vision Award - American Metal Market and PaineWeber’s World Steel Dynamics (1998); and Steelmaker of the Year - New Steel (1996).