5 interesting facts about Lakshmi Niwas Mittal
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New Delhi: Indian-origin steel tycoon Lakshmi Mittal, who spent eight years at the top of the Sunday Times Rich List, is the Chairman and Chief Executive Officer of ArcelorMittal, the biggest steel producing company of the world. In 2013, a £2.7 billion drop in his wealth in the past 12 months sent Mittal from the top spot to the fourth place.
Mittal is well known to turn sick steel companies into money spinners, something which has always amazed the industry and his peers. He has shown India’s hardworking middle class what they can achieve if they set a goal for. His business acumen, swift decision making ability and boldness has resulted in the spectacular amount of wealth.
Mittal has been a member of the board of directors of Goldman Sachs since 2008,and is also member of the board of directors of the European Aeronautic Defence and Space Company. He sits on the World Steel Association's executive committee,and is a member of the Indian Prime Minister’s Global Advisory Council, the Foreign Investment Council in Kazakhstan, the World Economic Forum’s International Business Council, and the Presidential International Advisory Board of Mozambique.
Let’s take a look at fifteen interesting facts about him and his life.
1. Lakshmi Niwas Mittal was born on June 15, 1950 at Sadulpur, in Churu district of Rajasthan. His grandfather worked for one of the leading industrial firms, whereas his father was a businessman. The family relocated to Kolkata after his father joined a domestic steel company as a partner. He graduated in commerce from St. Xavier's College in Kolkata and joined the family business along with his two younger brothers Pramod Mittal and Vinod Mittal. Mittal’s joining of family’s company “Ispat” marked the turning point of his life.
2. Starting in Indonesia in 1975, he built a new mill on land his father held in Indonesia which he then operated. Within a year, Mittal established Ispat International, a unit of his father’s company, in Indonesia and was focusing on running its operations.
“I realized that life is too short to build a steel company from scratch,” Mittal told Fortune in 2006.
According to Financial Times, this faith created 'the only true global steel company.' In addition it also fortified his reputation as a doctor of sick steel mills.
Mittal is well known to turn sick steel companies into money spinners, something which has always amazed the industry and his peers. He has shown India’s hardworking middle class what they can achieve if they set a goal for. His business acumen, swift decision making ability and boldness has resulted in the spectacular amount of wealth.
Mittal has been a member of the board of directors of Goldman Sachs since 2008,and is also member of the board of directors of the European Aeronautic Defence and Space Company. He sits on the World Steel Association's executive committee,and is a member of the Indian Prime Minister’s Global Advisory Council, the Foreign Investment Council in Kazakhstan, the World Economic Forum’s International Business Council, and the Presidential International Advisory Board of Mozambique.
Let’s take a look at fifteen interesting facts about him and his life.
1. Lakshmi Niwas Mittal was born on June 15, 1950 at Sadulpur, in Churu district of Rajasthan. His grandfather worked for one of the leading industrial firms, whereas his father was a businessman. The family relocated to Kolkata after his father joined a domestic steel company as a partner. He graduated in commerce from St. Xavier's College in Kolkata and joined the family business along with his two younger brothers Pramod Mittal and Vinod Mittal. Mittal’s joining of family’s company “Ispat” marked the turning point of his life.
2. Starting in Indonesia in 1975, he built a new mill on land his father held in Indonesia which he then operated. Within a year, Mittal established Ispat International, a unit of his father’s company, in Indonesia and was focusing on running its operations.“I realized that life is too short to build a steel company from scratch,” Mittal told Fortune in 2006.
According to Financial Times, this faith created 'the only true global steel company.' In addition it also fortified his reputation as a doctor of sick steel mills.
3. He spent the late 1970s and early 1980s running the Indonesian mill for his family’s company. But starting in 1989 with a plant in Trinidad and Tobago, Mittal began purchasing and overhauling struggling steel mills in areas such as Mexico, Romania, and Ukraine,. In 1994, the Mittals split up the family business. Ispat International went public in 1997, and in 2004, Lakshmi integrated his privately held steel company, LNM Holdings, into Ispat for $13 billion—and Mittal Steel took shape.
4. In order to become a major player in the global steel market, Mittal turned to Kazakhstan. Mittal bought the country’s Karmet Steel works in Temirtau for just $400 million. The single acquisition turned out of be the wisest decision by Mittal since Kazakhstan shares a border with China, a country where the steel demand was about to rise. Later Lakshmi Mittal became a global steel producer with operations in 14 countries.
5. Visionary Mittal saw immense opportunity in the fragmented international steel industry that was crying out for consolidation. It was largely because lots of companies were owned by the governments and research and development was inexistent. The sector was characterized by acute over capacity, high indebtedness and steel prices that had hit rock bottom.
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