Lakshmi Mittal

Lakshmi Mittal
Mittal in 2013
Lakshmi Mittal
Born	Lakshmi Niwas Mittal 15 6, 1950
Birthplace	Sadulpur, Rajasthan, India
Nationality	Indian
Occupation	Executive Chairman of ArcelorMittal, Chairman of Aperam
Known for	Steel industry leadership, building ArcelorMittal
Education	B.Com., St. Xavier's College, Kolkata
Spouse(s)	Usha Mittal
Children	2
Awards	Financial Times Person of the Year (2006), Time 100 (2007)

Lakshmi Niwas Mittal (born 15 June 1950) is an Indian businessman and steel magnate who serves as executive chairman of ArcelorMittal, the world's largest steel and mining company by output, with revenues of approximately $62.4 billion. He also serves as chairman of stainless steel manufacturer Aperam and holds an ownership stake in Queens Park Rangers F.C., a football club in England's EFL Championship. Mittal owns approximately 38 per cent of ArcelorMittal and has served on the board of directors of Goldman Sachs since 2008. Born in the small town of Sadulpur in Rajasthan, India, Mittal rose from modest beginnings in a family steel business to become one of the world's wealthiest individuals. In 2005, Forbes ranked him as the third-richest person in the world, making him the first Indian citizen to appear in the top ten of the publication's annual billionaires list. He has since been recognised by The Sunday Times, the Financial Times, and Time magazine for his influence in global business. Following decades of residence in the United Kingdom, Mittal relocated to Switzerland and the United Arab Emirates in 2025. His father, Mohan Lal Mittal, the founder of the Mittal family's steel enterprises, died at the age of 99 in London in 2025.

Early Life

Lakshmi Niwas Mittal was born on 15 June 1950 in Sadulpur, a small town in the Churu district of Rajasthan, India. He was born into a Marwari business family; his father, Mohan Lal Mittal, founded the family's steel business, which would grow into a significant industrial enterprise in India. The family belonged to the broader Mittal business dynasty, and Lakshmi grew up alongside his brother Pramod Mittal, who would also become involved in the steel industry.

The young Mittal was raised in an environment steeped in commerce and industry. His family's steel operations provided an early education in the mechanics of business and manufacturing. Growing up in Rajasthan during the 1950s and 1960s, he witnessed India's post-independence industrial expansion, which helped shape his understanding of the steel sector's potential. The family eventually established Ispat Industries, a steelmaking concern that served as the foundation from which Lakshmi Mittal would build his global empire.

Mohan Lal Mittal's influence on his son's career trajectory was significant. The elder Mittal's establishment of the family's initial steel ventures provided the platform from which Lakshmi would launch his international expansion in subsequent decades. Mohan Lal Mittal remained associated with the family business throughout his life, passing away at the age of 99 in London.

Education

Mittal pursued his undergraduate education at St. Xavier's College, Kolkata, one of India's oldest and most established educational institutions. He earned a Bachelor of Commerce (B.Com.) degree from the college. This commercial education provided him with a foundation in accounting, economics, and business management that would prove instrumental in his subsequent career in the steel industry. Following his education, Mittal joined the family steel business before eventually striking out on his own path in international steelmaking.

Career

Early Career and International Expansion

After completing his education, Mittal entered the family's steel business in India. Rather than remaining solely within the domestic Indian market, he began to pursue opportunities abroad. In the 1970s, he established his first steel venture outside India, setting up operations in Indonesia. This early foray into international steelmaking marked the beginning of what would become a pattern of global expansion through acquisition and operational improvement of underperforming steel assets.

Mittal's business strategy during this period centred on identifying steel plants in developing countries that were underperforming — often state-owned enterprises that had been privatised or were available for acquisition at relatively low cost. He would acquire these plants and apply management techniques and operational efficiencies to transform them into profitable enterprises. This approach allowed him to build a significant international steel portfolio at a fraction of the cost of constructing new facilities.

Through the 1980s and 1990s, Mittal expanded his steel operations across multiple continents, acquiring plants in countries including Trinidad and Tobago, Mexico, Canada, Germany, Kazakhstan, and several others. His company, initially operating under various names including Ispat International and later LNM Holdings, grew into one of the world's largest steelmaking conglomerates. Each acquisition followed a similar model: purchase of distressed or inefficient steel assets, followed by investment in modernisation and the implementation of rigorous cost controls.

In 1995, Mittal relocated from Indonesia to the United Kingdom, establishing his base in London. The move reflected the increasingly global nature of his business operations and placed him at the centre of international finance and commerce. He would remain a resident of the United Kingdom for three decades, until his departure in 2025.

Formation of Mittal Steel

By the early 2000s, Mittal had consolidated his various steel interests into a single entity, which became known as Mittal Steel Company. The company was one of the world's largest steel producers, with operations spanning multiple continents and a production capacity that rivalled the largest state-backed steel enterprises. Mittal Steel was listed on stock exchanges in New York and Amsterdam, providing access to international capital markets.

Mittal's approach to the steel industry differed from many of his competitors. While European and American steel companies often focused on domestic or regional markets, Mittal pursued a global strategy, recognising that steel was a commodity business where scale and efficiency were paramount. His willingness to invest in emerging markets and post-Soviet economies gave him access to raw materials and low-cost production facilities that provided a competitive advantage.

Merger with Arcelor and Creation of ArcelorMittal

The most defining corporate event of Mittal's career was his hostile takeover bid for Arcelor, the European steel giant, in 2006. In January of that year, Mittal Steel launched an unsolicited bid valued at approximately €18.6 billion to acquire Arcelor, which was itself the product of a merger between steel companies from Luxembourg, Spain, and France.

The bid was met with fierce resistance. Arcelor's management, led by CEO Guy Dollé, rejected the offer and characterised it in terms that many commentators found tinged with cultural condescension — comparing the proposed combination to "monkey money" for "perfume." The opposition extended beyond the corporate boardroom; politicians in France, Luxembourg, and Belgium publicly opposed the deal, with some framing it as an unwelcome incursion by an outsider into European industry.

The takeover battle lasted approximately six months and became one of the most closely watched corporate dramas of the decade. Mittal ultimately prevailed after raising his offer and securing the support of Arcelor's shareholders. The merged entity, named ArcelorMittal, became the world's largest steelmaker by a significant margin, with operations in more than 60 countries and a workforce numbering in the hundreds of thousands.

The creation of ArcelorMittal transformed the global steel industry. The company's scale gave it significant bargaining power with suppliers and customers alike, and it established a model for consolidation in an industry that had historically been fragmented. Mittal served as chairman and chief executive of the new company, overseeing the integration of the two businesses.

The successful conclusion of the Arcelor takeover was a major factor in the recognition Mittal received from the international media and business community. The Sunday Times named him "Business Person of 2006," the Financial Times named him "Person of the Year," and Time magazine named him "International Newsmaker of the Year 2006."

ArcelorMittal Under His Leadership

As executive chairman of ArcelorMittal, Mittal has overseen the company through periods of significant volatility in global steel markets. The 2008 global financial crisis led to a sharp decline in steel demand and prices, severely affecting ArcelorMittal's revenues and share price. The company was forced to close or idle numerous production facilities and reduce its workforce.

In subsequent years, the company faced additional challenges from overcapacity in the global steel market, driven in large part by massive expansion of Chinese steel production. ArcelorMittal responded by focusing on higher-value products, reducing debt, and investing in mining operations to secure raw material supplies.

Despite these challenges, ArcelorMittal has remained the world's largest steel and mining company by output, with revenues of approximately $62.4 billion. Mittal continues to serve as executive chairman, while his son Aditya Mittal has taken on the role of chief executive officer, representing a generational transition in the company's leadership.

Mittal also serves as chairman of Aperam, a stainless steel and specialty alloys producer that was spun off from ArcelorMittal in 2011. This separation allowed ArcelorMittal to focus on its core carbon steel and mining operations while Aperam operated independently in the specialty steel market.

Other Business Interests

Beyond the steel industry, Mittal has maintained a range of business interests. He has served as a member of the board of directors of Goldman Sachs since 2008, providing him with a seat at one of the world's most influential financial institutions.

Mittal holds a three per cent stake in Queens Park Rangers F.C., a football club in the English EFL Championship. His involvement in the club reflects a broader interest in sports that is common among international business figures based in London.

He also owns Karrick Limited, a private investment vehicle through which he manages various business interests outside of ArcelorMittal. In addition, Mittal's energy joint venture in India has been the subject of media attention; in October 2025, the Financial Times reported that the joint venture had purchased Russian oil transported on sanctions-listed vessels.

Industry and International Roles

Mittal holds several positions in international business and policy organisations. He sits on the executive committee of the World Steel Association, the global industry body for the steel sector. He is a member of the World Economic Forum's International Business Council, which brings together chief executives of major global corporations to advise on economic and trade policy. He is also a member of the European Round Table of Industrialists, an influential group of European business leaders.

Additionally, Mittal serves as a member of the Global CEO Council of the Chinese People's Association for Friendship with Foreign Countries, reflecting the importance of the Chinese market to the global steel industry. He is also a member of the board of trustees of the Cleveland Clinic, the American academic medical centre.

Personal Life

Lakshmi Mittal is married to Usha Mittal. The couple have two children: their son Aditya Mittal, who serves as CEO of ArcelorMittal, and their daughter Vanisha Mittal. Vanisha Mittal's wedding in 2004 attracted significant media attention for its reported cost, which made it one of the most expensive weddings in recorded history at the time.

Mittal resided in London from 1995 until 2025, when he relocated to Switzerland and the United Arab Emirates. During his time in London, he was known for his residence on "Billionaires' Row" in Kensington Palace Gardens, one of the most expensive residential streets in the world. The property, purchased in 2004, was one of the most valuable private residences in the United Kingdom.

His father, Mohan Lal Mittal, died in London in 2025 at the age of 99. His brother, Pramod Mittal, has also been active in the steel industry, though the brothers have operated largely independently.

Recognition

Wealth Rankings

Mittal's position among the world's wealthiest individuals has fluctuated significantly over the years, reflecting the volatile nature of the steel industry. In 2005, Forbes ranked him as the third-richest person in the world, making him the first Indian citizen to be ranked in the top ten of the magazine's annual billionaires list. By 2011, he was ranked the sixth-richest person globally. However, declining steel prices and market conditions led to a significant drop, with his ranking falling to 82nd place in March 2015 and to 130th by October 2024.

In the United Kingdom, Mittal was a consistent presence on The Sunday Times Rich List, which tracks the wealthiest individuals in Britain. As of 2025, the Sunday Times Rich List estimated his net worth at £15.444 billion. He was also named the "57th-most powerful person" among the 72 individuals on Forbes' "Most Powerful People" list for 2015.

Awards and Honours

Mittal has received recognition from several international media outlets and organisations. In 2006, The Sunday Times named him "Business Person of 2006," while the Financial Times named him "Person of the Year." Time magazine named him "International Newsmaker of the Year 2006." In 2007, Time included him in its annual "Time 100" list of the most influential people in the world.

Philanthropy

Mittal has been involved in philanthropic activities, most notably through his association with Harvard University. The Lakshmi Mittal and Family South Asia Institute at Harvard supports research, teaching, and engagement with South Asia across the university's schools and departments. The institute funds faculty research on topics including climate change in South Asia and supports a Graduate Student Associates program that brings together scholars from across Harvard's schools to advance research on the region. In 2025, Diana L. Eck, professor of Comparative Religion and Indian Studies, Emerita, was named the next director of the institute.

Legacy

Lakshmi Mittal's influence on the global steel industry is substantial. Through a series of acquisitions spanning several decades and multiple continents, he transformed a fragmented collection of steel mills into ArcelorMittal, the world's largest steel and mining company. His business model — acquiring underperforming or privatised steel plants and improving their efficiency — became a template for industrial consolidation in the sector.

The hostile takeover of Arcelor in 2006 represented a landmark moment in European corporate history. It demonstrated that major European industrial companies could be acquired by entrepreneurs from outside the traditional European business establishment, and it prompted a broader debate about globalisation, protectionism, and corporate governance in Europe.

Mittal's career also reflected the rise of Indian business figures on the global stage. As the first Indian citizen to be ranked among the ten wealthiest people in the world by Forbes, he became a symbol of India's growing economic influence. His success encouraged other Indian industrialists to pursue international expansion and helped change perceptions of Indian business capabilities.

The generational transition at ArcelorMittal, with his son Aditya Mittal serving as CEO, suggests the company will remain under family influence for the foreseeable future. The Mittal family's continued control of approximately 38 per cent of ArcelorMittal's shares provides a stable ownership structure in an industry subject to significant cyclical pressures.

Through his philanthropic commitments, particularly the South Asia Institute at Harvard, Mittal has also contributed to academic research and scholarship related to his region of origin. The institute's programmes in climate research, graduate education, and South Asian studies represent an enduring contribution to the academic understanding of the subcontinent.