What is the net worth of Lakshmi Mittal?
| net worth: | $18 billion |
|---|---|
| age: | 73 |
| Birth: | September 2, 1950 |
| gender: | Male |
| Height: | 1.75 m (5 ft 9 in) |
| country of origin: | India |
| Sources of funds: | entrepreneur |
| Last Updated: | July 29, 2024 |
Introduction
Lakshmi Mittal is an Indian steel tycoon and the chairman and chief executive officer of ArcelorMittal, the world’s largest steel company.
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Mittal owns a 38% stake in ArcelorMittal and an 11% stake in Queens Park Rangers FC
As of July 2024, Lakshmi Mittal’s net worth is estimated to be around $18 billion.
early life
Lakshmi Niwas Mittal was born on 15 June 1950 in Sadulpur.
Mittal studied at the Shri Daulatram Nopani Vidyalaya, Calcutta from 1957 to 1964.
He obtained a B.Com degree in first class from St. Xavier’s College, affiliated to the University of Calcutta.
In 1976, the 26-year-old Mittal opened his first steel plant, PT Ispat Indo, in Sidoarjo, East Java, Indonesia, due to restrictions imposed on steel production by the Indian government.
Livelihood
After completing school, Lakshmi Mittal joined St. Xavier’s College, University of Calcutta, where he studied for a B.Com degree.
After graduating, he started working in the family business, but he never imagined that he would lead a business group like ArcelorMittal.
His father Mohanlal Mittal ran a steel business called Nippon Denro Ispat and in 1976 he opened a steel factory in Indonesia.
Due to government restrictions on steel production in India, Mittal opened his first steel plant outside the country.
Purchase of steel works around the world
Mittal then purchased a government-owned steel factory in Trinidad and Tobago in 1989, and turned it into a profitable venture within a year.
By the 1990s, the family’s main assets in India included a cold-rolling mill in Nagpur and an alloy steel plant near Pune.
Mittal’s younger brothers Pramod Mittal and Vinod Mittal manage the family business in India, while he is in charge of the UK-based company.
In a stunning deal in 1995, Mittal “bought” an Irish steel plant from the government for a nominal price of just IR£1.
Six years later, in 2001, the Cork plant was closed, leading to criticism and environmental issues, but Mittal had already moved on.
Moving to Central America
It acquired the assets of Ispat Mexicana and Ispat Carmat before December 2001 and Sidex Galati in November 2001.
In December of the same year, the business was renamed Ispat Sidex and two years later, he once again embarked on an asset acquisition drive.
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In October 2003, Mittal’s LNM Group acquired the steel assets from the Romanian and Polish governments on desirable financial terms.
Petrotub Roman was renamed Ispat Tepro as part of the acquisition in Romania, and Mittal reportedly used the advice of Marek Dochnal to influence Polish officials.
Hostile takeover attempts
In 2006–07, Mittal succeeded in a hostile takeover of Arcelor, renaming it ArcelorMittal and acquiring steel assets across Europe.
In 2002 the “Mittal affair” involved controversy surrounding Tony Blair and his apparent support for Mittal’s bid to buy Romania’s state-owned industry.
The significant fluctuations in Mittal’s net worth have been well documented.
In 2016, Forbes ranked him as the 135th richest billionaire.
However, Mittal’s net worth is said to have peaked in 2008, making him one of the richest people in the world at the time.
Funding Harvard University
Mittal’s philanthropic efforts also include a $1 billion donation in 2010 to establish the Lakshmi Mittal South Asia Institute at Harvard University.
He now serves as chairman and CEO of ArcelorMittal, the world’s largest steelmaker based in Britain.
Under Mittal’s leadership, ArcelorMittal has expanded its operations globally with significant investments in Asia, Europe and the Americas.
He has been the recipient of numerous awards and honours, including the Padma Vibhushan, India’s second highest civilian award, in 2008.
Lakshmi is known for her strategic vision and ability to smoothly handle the complex negotiations required for international trade agreements.
Mittal’s acquisitions and mergers have reshaped the global steel industry, establishing ArcelorMittal as a major player and posing a threat to existing players.
Like Warren Buffett and Francois Pinault, Mittal is also in a unique position to influence world markets because of his strategic business investments.
Criticism and legal challenges
However, ArcelorMittal has faced strong criticism and legal challenges over environmental concerns and labour practices at some of its operations.
Mittal’s leadership style emphasises innovation, efficiency, and sustainability in steel production, resulting in the growth of his business empire.
He has invested in research and development to enhance ArcelorMittal’s technological capabilities and environmental performance worldwide.
But Mittal’s influence extends far beyond the steel industry, he has also invested in real estate, technology and other consumer goods sectors.
Acquisition of a football team
Mittal was one of the leading contenders to buy and sell Everton and Wigan in the Barclays Premiership Football League.
In 2007, it was revealed that the Mittal family had acquired a 20% stake in the Queens Park Rangers football team, joining Mittal’s friends Bernie Ecclestone and Flavio Briatore.
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Mittal’s son-in-law Amit Bhatia joined the board of directors due to the investment and monitored the family’s investments.
The joint investment in the financially troubled team led to rumours that Mittal was considering following in the footsteps of other wealthy benefactors.
Multi-millionaires such as Roman Abramovich were among a growing number of wealthy investors to invest heavily in England’s richest football teams.
On 19 February 2010, Briatore resigned as QPR chairman and sold his other shares in the club to Ecclestone, leaving Ecclestone as the largest shareholder.
net worth of lakshmi mittal
Lakshmi Mittal’s net worth as of July 2024 is $18 billion.
Highlights
Here are some of the best highlights of Lakshmi Mittal’s career:
- Chairman and CEO of ArcelorMittal
- “Person of the Year” award (2008)
- Member of Goldman Sachs (2008)
Favourite quotes from Lakshmi Mittal
“Over the past twenty years, we have gone through many cycles and we have always managed to buy at the right time, under good terms and conditions. This has enabled us to build a strong group that is now the world’s number one.” – Lakshmi Mittal
“The torch relay is a great example of everything that has come to symbolize the Olympic Games – a celebration of the human spirit. For me personally, it represents striving to be the best at what we do, never giving up despite the odds, and a commitment to health and fitness.” – Lakshmi Mittal
“Hard work definitely goes a long way. A lot of people work hard these days, so you have to make sure you work even harder and dedicate yourself to what you are doing and what you want to achieve.” – Lakshmi Mittal
“I’m not someone who sets very high goals, my goals keep changing as I move forward in life. It’s always been about one step forward. Always take small steps forward, you become stronger and your confidence grows, then you change your goals again.” – Lakshmi Mittal
3 powerful lessons from Lakshmi Mittal
Now that you know all about Lakshmi Mittal’s net worth and how he achieved success; let’s look at some of the lessons we can learn from him:
1. Hard work definitely goes a long way
A lot of people work hard these days, so you have to make sure that you work even harder and stay dedicated to what you are doing and what you want to achieve.
2. Strong player
A strong player with sufficient critical mass can better resist pressure and create a more stable environment that will benefit shareholders and employees.
3. Tough Times
Everyone faces difficult times. How you deal with them and deal with them is a measure of your determination and dedication.
Frequently Asked Questions
What is Lakshmi Mittal’s net worth?
Lakshmi Mittal’s net worth is estimated at $18 billion.
How old is Lakshmi Mittal?
Lakshmi Mittal was born on 2 September 1950 and currently, he is 73 years old.
What is the height of Lakshmi Mittal?
Lakshmi Mittal height is 1.75 m, which is equal to 5 feet 9 inches.
Summary
Lakshmi Mittal is the chairman and CEO of ArcelorMittal, the world’s largest steel manufacturing company.
Mittal started his steel business in Indonesia, which eventually became ArcelorMittal, and built the company into one of the world’s most successful companies.
Lakshmi Mittal net worth is approximately $18 Billion as of July 2024.
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Category: Net worth