Mr. Lakshmi N. Mittal is the President and CEO of Arcelor Mittal. Arcelor Mittal is the combination of the world’s number one and number two steel companies, Arcelor and Mittal Steel. Mr. Mittal founded Mittal Steel Company (formerly the LNM Group) in 1976.
Arcelor-Mittal, the world’s top steel maker, has entered talks about a transaction with Australia’s Macarthur Coal after paying US$604mil for a near 15% stake in the firm, sending the coal miner’s shares to a record high
Lakshmi Narayan Mittal (or Lakshmi Niwas Mittal) (born June 15, 1950) is a London-based Indian billionaire industrialist, born in Sadulpur village, in the Churu district of Rajasthan, India, and resides in Kensington, London. He is the richest man in Europe and the fourth richest (5th NOW ) person in the world, with a personal fortune of US$45.0 billion according to Forbes magazine.
Fortune: inherited and growing
Net Worth: 23.5
Country Of Citizenship: India
Residence: London, United Kingdom, Europe & Russia
Marital Status: married, 2 children
St Xavier’s College Calcutta, Bachelor of Arts / Science
The steel titan now oversees the world’s largest steel company, Mittal Steel. In December 2004 he merged his Ispat International with Ohio-based International Steel Group in a $4 billion (in cash and stock) deal. Owns 87.4% of the $28.1 billion (2005 sales) company. An early year double-digit drop in US and European steel prices and fourth-quarter increased spending on coal and iron ore and lower prices helped lead to a 28% drop in 2005 profits to $3.4 billion. On Jan 27, Mittal made a $23.7 billion hostile bid for largest rival, Luxembourg-based Arcelor, in an effort to spark more world steel consolidation and enable Mittal Steel to sell higher grade steel to company’s like Ford Motor. Arcelor employing numerous techniques to either fend it off or get a higher price: bought a large stake in a Chinese steel company; enlisted the French government to take up its cause; Luxembourg (the biggest shareholder) introduced a new takeover law; and Arcelor doubled its dividend.
LAKSHMI MITAAL POTRAIT FROM http://www.mmike.com/images/sculpture/lakshmi_mittal_portrait_back2.jpg
Since 2005, Mittal has been the richest person residing in the United Kingdom, the richest person in Asia and the 4th richest person on the planet. He is the President of the Board of Directors and CEO of ArcelorMittal; ArcelorMittal is the world’s largest producer of steel, with assets in France, Belgium, Romania,Spain, Italy, Bosnia-Herzegovina, South Africa, Poland, Czech Republic, Indonesia, Kazakhstan, Canada, Bulgaria, United States, Trinidad,Brazil, Argentina and Mexico. On July 13, 2005 it was announced that he had donated £2 million to the Labour Party, and on January 16, 2007 it was announced that he had donated a further £3 million.
THE ARCELOR AND MITTAL STEEL MERGER STORY
new steel giant is to be created out of a bitter battle, after Arcelor formally agreed on Sunday to a €26.5 billion takeover by rival Mittal Steel.
The deal combines Arcelor – a symbol of successful, pan-European cooperation and economic revival, with operations that span Luxembourg, Belgium, France and Spain – with a fast- growing conglomerate founded by the India-born Lakshmi Mittal, who built a fortune turning around sick steel plants in rapidly expanding markets from Trinidad to Kazakhstan.
HIS KENSINGTON HOME IN UK <–>
The deal, valued at $33.1 billion, is the latest sign that shareholder activism is marching through the once staid and sleepy boardrooms of Europe. The agreement to pair with Mittal caps a wrenching turnaround for Arcelor’s management, which once dismissed Mittal as a “company of Indians” but were forced to backtrack after shareholders threatened to revolt.
In March 2008, Mittal was reported to be the 4th wealthiest person in the world by Forbes Magazine (up from 61st richest in 2004) up one place since a year ago. The Mittal family owns 44% of Arcelor Mittal, the world’s largest steel company