Who is Lakshmi Mittal?

One person has made an impeccable name in the Global Steel industry. He is also called the “steel magnate.”

If your guess is as good as mine, you would know that I am talking about none other than Mr. Lakshmi N. Mittal, CEO and chairman of Arcelor-Mittal; the world’s largest steel-making company.

Mr Lakshmi Mittal is an inspiration to every Indian entrepreneur. He is known for his novel approach of acquiring state-owned loss-making steel companies and quickly turning them around.

Early days

Lakshmi Niwas Mittal was born on 15th June, 1950 in a place called Sadulpur in Churu district of Rajasthan. He has two brothers who are also in business. His father Mohan Mittal moved the family to Calcutta when he joined a steel company as a partner there.

Lakshmi graduated with a Bachelor of Commerce from St. Xaviers College Calcutta. He has also studied at the Indian Institute of Social Welfare and Business Management. He married Usha in 1976.

Success and status

Mittal started out on his own with the LNM Group in 1976. Ever since, he went on to become a global steel producer in 14 countries across 4 continents. He started his work in the international arena and became a pioneer in developing the integrated mini-mills. He made many acquisitions in countries like Romania, Ukraine and the US in 2004 before the most important merger with Arcelor to form the world’s largest steel company, in 2006.

Mittal, with US$ 31.1 billion, is the richest man in India, Europe and UK. He is placed fourth among the richest of the world. Mittal’s residence at 18-19 Kensington Palace Gardens is worth US$128 million, making it the most expensive house in the world. It is decorated with marble from the same quarry that supplied for the Taj Mahal and hence it is called “Taj Mittal.”

Lakshmi Mittal ranks at 44 among the 68 individuals of Forbes’s “Most powerful people.” In 2007, according to “Time Magazine,” he was one of the “100 most influential persons in the world.” His daughter Vanisha’s wedding of US$50 million was the most extravagant wedding of the century.

Achievements & Awards

Lakshmi Mittal is the member of Board of Directors of various companies and institutions like the European Aeronautic Defense and Space Company, The World Steel Association, the Foreign Investment Council in Kazakhstan, The International Investment Council in South Africa, The Investors’ Council to the Cabinet of Ministers of Ukraine, The World Economic Forum’s International Business Council, The World Steel Association’s Executive Committee, The Presidential International Advisory Board of Mozambique and The International Iron and Steel Institute’s Executive Committee.

He also serves as board council member of “Prime Minister of India’s Global Advisory Council of Overseas Indians” and is a member with “Kellogg School of Management” and “Indian School of Business”

Key Learnings from Lakshmi Mittal

1. Radical Thinker

Dare to think different from others. Try new ways to achieve results. Implement new ideas. Some may succeed, some may not. At least you will know what will work and what will not work.

2. Passionate about work

Be passionate about everything you do. This will drive a positive energy in all the tasks you take. This in turn will keep you going even during the toughest times.

3. Hardworking

Hard work always gets rewarded sooner or later. It is a quality which brings one only closer to success.

4. Outstanding vision

You should have a vision of where you want to be. You should foresee issues and resolve them.

5. Convincing, Motivating and Guiding

Innovative ideas and enlightening insights give a person the ability to lead and motivate his or her team and peers at work. This will also help you look at processes from a different perspective.