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Lakshmi Mittal

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Lakshmi Niwas Mittal
Born (1950-06-15) June 15, 1950 (age 76)
Sadulpur, Rajasthan, India
Occupation(s)Steel industry leader, businessman
Known forExecutive chairman of ArcelorMittal, chairman of Aperam, owner of 3% Queens Park Rangers
Notable workLeadership of ArcelorMittal, Mittal Champions Trust, contributions to steel industry

Lakshmi Niwas Mittal (born 15 June 1950 in Sadulpur, Rajasthan, India) is a prominent Indian steel industry leader headquartered in the United Kingdom. He holds the position of executive chairman at ArcelorMittal, recognized as the world's second-largest steel producer,[1] and chairs the stainless steel firm Aperam.[2] Mittal possesses a 38% ownership stake in ArcelorMittal and also owns 3% of Queens Park Rangers, a football club competing in the EFL Championship.[3]

In 2005, Forbes placed Mittal as the third wealthiest individual worldwide, marking him as the first Indian to enter the top ten. His ranking shifted to sixth in 2011, fell to 82nd by 2015,[4] and further declined to 130th by October 2024.Cite error: The opening <ref> tag is malformed or has a bad name Additionally, Forbes ranked him as the "57th-most powerful person" in their 2015 "Most Powerful People" listing.[5]

Mittal has been a member of Goldman Sachs' board since 2008,[6] participates on the executive committee of the World Steel Association,[7] and belongs to several international business groups, including the World Economic Forum's International Business Council and the European Round Table of Industrialists.[7] Furthermore, he serves on the board of trustees at the Cleveland Clinic.[7]

Acknowledging his contributions to industry, Mittal was honored with India's Padma Vibhushan in 2008,Cite error: The opening <ref> tag is malformed or has a bad name received Forbes' Lifetime Achievement Award that same year, and was named Financial Times Person of the Year in 2006.[7] In 2007, Time magazine included him among their "Time 100" most influential people.Cite error: The opening <ref> tag is malformed or has a bad name

Early life and career

Born into a Marwari Hindu family, Mittal earned a Bachelor of Commerce degree from St. Xavier's College, Kolkata. His father, Mohanlal Mittal, operated Nippon Denro Ispat, a steel enterprise.[8] Due to restrictions imposed by the Indian government on steel manufacturing, Lakshmi established his initial steel plant, PT Ispat Indo, in Indonesia in 1976 at age 26.[9][10]

In 1989, he acquired struggling state-owned steel facilities in Trinidad and Tobago and successfully restored their profitability within a year.[11][12]

The family's Indian industrial holdings comprise a cold-rolling mill near Nagpur and an alloy steels factory close to Pune; these are managed by his brothers Pramod and Vinod Mittal, with Lakshmi not directly involved.[13]

Mittal's global expansion strategy involved multiple acquisitions: buying Irish Steel in Cork for £1 in 1995 (which ceased operations in 2001), acquiring Romanian steel assets such as Sidex Galati (later renamed Ispat Sidex) and Petrotub Roman (renamed Ispat Tepro), as well as assets from Poland's PHS Steel Group among others throughout Europe.[14][15][16][17][18][19][20]

He orchestrated a successful hostile takeover of Arcelor during 2006–07, resulting in the formation of ArcelorMittal which consolidated significant steel operations across France, Luxembourg, Spain, and additional countries.[12]

Mittal has encountered criticism regarding labor practices; notably, a methane explosion at his mining operations in Kazakhstan caused the deaths of 23 workers in 2004.[21][22]

The Mittal Scandal: "Payments for Influence"

In 2002, a dispute emerged when it became public that British Prime Minister Tony Blair had penned a letter endorsing Mittal's attempt to acquire Romanian state steel assets following a £125,000 contribution from Mittal to the UK Labour Party. Detractors pointed out the LNM Group’s minimal employment presence in the UK and its offshore company registration.[23][24][25]

Sports

Mittal launched the $9 million Mittal Champions Trust aimed at assisting Indian athletes with Olympic prospects. In 2008, he granted Rs.15 million to shooter Abhinav Bindra in recognition of India’s first individual Olympic gold medal. Additionally, ArcelorMittal supplied steel for the ArcelorMittal Orbit structure at the London 2012 Olympic Games.[26]

His involvement in English football began with acquiring a 20% shareholding in Queens Park Rangers FC in 2007; his son-in-law Amit Bhatia was appointed to its board.[27]

Education

Together with the Rajasthan Government, Mittal co-established the autonomous LNM Institute of Information Technology (LNMIIT) in Jaipur in 2003. The Usha Lakshmi Mittal Institute of Management was founded in New Delhi in 2009 through collaboration with Bharatiya Vidya Bhavan.[28] A significant donation led to the naming of the Usha Mittal Institute of Technology at SNDT Women's University.

Medical

In 2008, the Mittals contributed £15 million to London's Great Ormond Street Hospital to establish the Mittal Children's Medical Centre.[29]

COVID-19 pandemic

During the COVID-19 crisis in 2020, Mittal donated ₹100 crore to India’s PM CARES Fund.[30]

Personal life

Mittal is wed to Usha Dalmia; they have two children: son Aditya and daughter Vanisha. His siblings include brothers Pramod and Vinod Mittal and sister Seema Lohia, who is married to Indonesian entrepreneur Sri Prakash Lohia.[31][32]

In 2004, he acquired his London residence on Kensington Palace Gardens from Formula One chief Bernie Ecclestone for £67 million ($128 million), making it then the most expensive home worldwide. The property boasts marble sourced from the same quarry as the Taj Mahal and features luxury facilities such as an indoor swimming pool and Turkish baths.[33] It has earned the nickname "Taj Mittal".[34]

For his daughter Vanisha’s wedding reception at Versailles in 2008, he purchased No.9A Palace Greens for £70 million.[35]

He also owns real estate on Dr APJ Abdul Kalam Road in New Delhi, bought in 2005 for $30 million.

Following changes in UK tax law eliminating non-domiciled status, Mittal has indicated plans to depart the UK after nearly thirty years residing there, expected around 2025.[36]

Personal wealth

In 2016, The Sunday Times Rich List valued Mittal's family fortune at approximately £7.12 billion (around $8.4 billion), reflecting a decline of $2 billion compared to previous years. That same year, Forbes placed him as the 135th wealthiest billionaire worldwide, with a net worth of $8.4 billion. His highest recorded net worth reached an estimated £27.7 billion ($45 billion) in 2008, placing him fourth on the global scale.

By early 2024, Forbes assessed his net worth at $16.4 billion, ranking him as the 13th wealthiest individual in India and 113th internationally. In October 2024, Forbes India listed him as the 15th richest business magnate in the country, with an estimated fortune of $16.7 billion.

Awards and honours

Year Award Organization
2008 Padma Vibhushan Government of India
2008 Forbes Lifetime Achievement Award Forbes
2007 Fellowship King's College London
2007 Bessemer Gold Medal IOM3
2004 European Businessman of the Year Forbes
2004 Entrepreneur of the Year The Wall Street Journal
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