Lakshmi Mittal: Owner of Mittal steel

Lakshmi Mittal

(AKA: Lakshmi Narayan Mittal & Lakshmi Niwas Mittal)

born 15th June 1950 a London based Indian billionaire industrialist, born in Sadulpur, Churu district of Rajasthan, India,

He spent his first years in Sadulpur, living with his extended family on concrete floors and rope beds in a house built by his grandfather. His family, from Marwari Agrawal caste, was from humble roots; his grandfather worked for the Tarachand Ghanshyam Das firm, one of the leading Marwari industrial firms of pre independence India. They moved to Kolkata where his father, Mohan, became partner in a steel company and made a fortune. Lakshmi graduated from St. Xavier's College in Kolkata with a business degree in 69. His classmates knew him as a sharp student, good with numbers.

In 94, due to differences with his father and brothers, he branched out, taking over the international operations of the Mittal steel business.

Today he is chairman and CEO of Mittal Steel Company NV, the world's largest producer of steel, with steel assets in Romania, Bosnia Herzegovina, South Africa, Poland, Indonesia, Kazakhstan, the USA, Ukraine and other nations. He was the Fortune European Businessman of the Year for 2004.

Home in Kensington Palace Gardens, London, UK. He is the 5th richest man in the world and, according to the Sunday Times Rich List, the richest in the UK, with a net worth of £14.8 billion (April 2006).

Indian newspapers rejoiced after steel group Arcelor bosses finally accepted a £18.5bn ($34bn) offer from Indian firm Mittal. The move merged the world's two largest steel companies, creating a powerful global giant. One newspaper called the develoment a "harbinger of things to come - economic superstardom for India". Mr Mittal conceded to the Arcelor board's demand of greater professionalism and better corporate governance by agreeing to a majority representation by Arcelor on the board of the merged entitity even though he will own 45% equity,"

Mittal Steel Company N.V. (Euronext: MT, NYSE: MT) is the world's largest steel producer by volume, and the second largest after Arcelor by turnover. It employs 179,000 people. Revenue for 2005 was US$28.132 billion. It shipped 49.178 million tonnes of steel during 2005, ahead of Arcelor, and Nippon Steel . Arcelor tops Mittal Steel in terms of turnover with an annual turnover of over $37 billion in 2004.

In 2005 Indian steel magnate Lakshmi Mittal donated £2m to the Labour Party, matching the amount given by Lord Sainsbury in the election run-up. He also backed policies on health, education, skills and technology.

Mr Mittal sparked 2002's Steelgate row when it was revealed Tony Blair backed his bid for a Romanian firm shortly after he donated £125,000 to Labour.

The magnate has always denied any link between the donation and the letter. At the time Downing Street said that the prime minister was just doing what he normally do for any British businessman. Mr Mittal's associates say the businessman asked neither Number 10 nor the Foreign Office for the letter. And the tycoon rejects suggestions the deal acted against British interests because it helped a competitor to UK firms like Corus, formerly British Steel. Instead, Mr Mittal says the deal is "very much in keeping" with the UK government's policy of encouraging privatisations and market reforms, especially in countries wanting to join the European Union.

The billionaire at the centre of garbagegate, the latest "cash for influence" scandal, has developed something of a habit of unintentionally tarnishing the Britain he loves. When his son Aditya was married in 1998, Mr Mittal laid on a celebration at Calcutta's Victoria Memorial, an unusual choice given that it houses mementos of Britain's rule over India.

A minor riot ensued. Now he has found his £125,000 support for Labour at the last election has prompted a major political row.

In 2004 LNM Group, the steel giant headed by Indian tycoon Lakshmi Mittal, has snapped up Bosnia's BH Steel in a deal worth $280m.
The deal comprises an upfront payment of $80m (£43.2m), and a commitment to invest a further $200m over ten years.

The BH sale is a boost for Bosnia, which is struggling to rebuild its economy from the wreckage of the conflict in former Yugoslavia.

In March 2006, he was reported to be the 5th wealthiest person in the world by Forbes Magazine (Up from 63rd richest in 2004). The Mittal family owns 88 per cent of Mittal Steel, the world's largest steel company. His residence in Kensington, bought in 2003 for £70 million $128 million from Formula One car racing boss Bernie Ecclestone, the highest price ever paid for a house. Formerly, the house was the residence of Paul Reuter, the founder of the Reuters news service.

Mittal has two children. He paid over $65 million to host his daughter Vanisha's wedding celebration in Vaux le Vicomte on June 22, 2004 and an engagement ceremony at the Palace of Versailles on June 20, 2004, the most expensive wedding in world history. His son Aditya is director of Mittal Steel.

http://www.mittalsteel.com/

Profile

Mittal Steel is the world's largest and most global steel company, with shipments of 49.2 million tons and revenues of over $28.1 billion in 2005. They own steel-making facilities in 16 nations, spanning four continents. employing 224,000 people spanning 49 different nationalities, shares are listed on the New York and Amsterdam stock exchanges.

Mittal Steel has set the pace for the consolidation and globalisation of the world steel industry.

5000 strong customer base, spanning 150 nations, includes household names in the automotive, engineering and appliance sectors. A force in every segment of the steel market, Mittal Steel produces a broad range of high-quality finished and semi-finished products for the flat and long products markets.

Mittal Steel is among the most efficient steel producers in the world.

1989 Acquisition of Iron & Steel Company of Trinidad & Tobago
1990
1991
1992 Acquisition of Sibalsa
1993
1994 Acquisition of Sidbec-Dosco
1995 Acquisition of Hamburger Stahlwerke Ispat International Ltd, and Ispat Shipping formed Acquisition of Karmet

1996
1997 Ispat International NV goes public
1998 Acquisition of Inland Steel Company
1999 Acquisition of Unimétal

2000
2001 Acquisition of ALFASID,Acquisition of Sidex
2002 Business assistance agreement signed with Iscor

2003 Acquisition of Nova Hut

2004 Acquisition of Polski Huty Stali, Acquisition of BH Steel Acquisition of Macedonian facilities from Balkan Steel Creation of Mittal Steel and proposed acquisition of International Steel