EVERYTHING ABOUT THE STEEL TYCOON, LAKSHMI NIWAS MITTAL
Yashasvi Khushu || The CEO Magazine
From a moderately humble background to the world’s largest steelmaker, Lakshmi Narayan Mittal hails a history where basic amenities were scarce in the 60s and today ArcelorMittal sits at a capacity achievable production annually of approximately 118 million tonnes of crude steel, and some 209,000 employees across 60 countries, ArcelorMittal is the world’s leading steel and mining company.
Born on 15 June 1950, Sadulpur, Rajasthan, the CEO today holds a net worth of US$11.6 Billion. He completed his studies at St. Xavier’s college while he was working at is fathers steel mill. Later in 1976 while interning as a trainee at the mill he decided to open his mill in Indonesia.
His attempt was not to jump on the very thought of starting something of his own, he took his time, spent nearly a decade learning the intricacies of the industry and then finally in 1984 bought the steelworks in Tobago and Trinidad in its struggling phase and doubled the output within a year and generated revenues. He separated
The largest steelmaker in the world is not just investing in multiplying his revenues; he is equally a part of social responsibilities. He has set up a trust for athletes with the potential of international level, The Mittal’s Champion Trust, he partnered with the Rajasthan government for a non profit organisation in the name of LNM Institute of Information Technology in 2003, he also made a donation to the London hospital, the great Ormond street of £15 million for the new facility for children.
In the course of steel industry though the demand was high, comparatively smaller companies were having a tough time cracking deals with the big fishes of the market like appliance manufacturers and notable automakers. But, this did not stop Laksmi Niwas Mittal and he decided to consolidate an industry that had turned fragmented and weak. In 2006 he split from his siblings and decided to partner with Arcelor from France in 2006.
At present, the company has diversified into different segments of power, coal, shipping and oil enterprises. The shift from the core manufacturing business has proven a boon for the company but then we are talking about a man who has bought rusted steel and sick companies and turned them into pure gold overnight.
There are a number of accolades and awards to his name. He was awarded by the Government of India, The Padma Vibhushan in 2008. For his outstanding vision, leadership, entrepreneurship, success and development he was awarded the Willy Korf Steel Vision Award” in 1998, “Steelmaker of the Year” in 1996, “European Businessman of the Year 2004” by fortune magazine, “Person of the Year” by financial times, “100 most influential persons in the world” by times magazine and many more.
Lakshmi Niwas Mittal is today the largest steel-tycoon in the world based in London at the age of 61. His assets are spread through Poland, Indonesia, South Africa, and Kazakhstan. This man of mammoth charisma and influence believes India to be one of the most interesting places. He shares his views openly on India, the economy, development, future plans of new factories, swift changes and better orchestration of policies in India.