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Lakshmi Mittal
The Steel Magnate Who Reshaped the Industry
Lakshmi Niwas Mittal, born on June 15, 1950, is an Indian steel magnate who has left an indelible mark on the global steel industry. With a keen business acumen and unwavering determination, he has risen to become one of the most influential figures in the world of steel.
Mittal's journey began in Sadulpur, Rajasthan, India, where he was born into a Marwari Hindu family. His father, Mohanlal Mittal, ran a steel business known as Nippon Denro Ispat.
Lakshmi Mittal's early education took place at Shri Daulatram Nopany Vidyalaya, Calcutta, from 1957 to 1964. He later graduated with a B.Com degree from St. Xavier's College, affiliated with the University of Calcutta, graduating with top honours.
In 1976, at the age of 26, Lakshmi Mittal took a significant leap by opening his first steel factory, PT Ispat Indo, in Sidoarjo, East Java, Indonesia. His entrepreneurial spirit and foresight were evident as he ventured into the steel industry at a young age.
One of Lakshmi Mittal's defining characteristics is his ability to turn struggling steel ventures into profitable enterprises. In 1989, he acquired the state-owned steel works in Trinidad and Tobago, which were operating at significant losses.
Within a year, he managed to transform them into thriving and profitable ventures.
Notably, he purchased the Irish Steel plant in Cork, Ireland, for a nominal fee of IR£1 in 1995. Although the plant faced challenges and eventual closure in 2001, Mittal's business acumen and resilience were on full display.
Lakshmi Mittal's most significant achievement came with the establishment of Arcelor Mittal, which would go on to become the world's second-largest steel making company.
In 2006, he orchestrated the merger of Arcelor and Mittal Steel, marking a historic moment in the steel industry. The merged entity, ArcelorMittal, became a global giant with a presence in major markets worldwide.
Lakshmi Mittal's impact extends beyond the business realm. He has been a member of the board of directors of Goldman Sachs since 2008 and is associated with various international organisations, including the World Steel Association and the World Economic Forum's International Business Council.
In recognition of his contributions, he received numerous accolades, such as being named "Business Person of 2006" by The Sunday Times, "Person of the Year" by the Financial Times, and "International Newsmaker of the Year 2006" by Time magazine. In 2007, he was honoured by Time magazine in their "Time 100" list.
Lakshmi Mittal's commitment to philanthropy is a testament to his compassionate nature. He founded the Mittal Champions Trust with $9 million to support Indian athletes with world-beating potential after witnessing India's limited success in the Olympics.
Moreover, Mittal, along with his wife Usha Mittal, made a substantial donation of £15 million to Great Ormond Street Hospital in London, contributing to the construction of the Mittal Children's Medical Centre.
While Lakshmi Mittal has achieved remarkable success, it's important to note that the Mittal family is actively involved in various aspects of business and philanthropy.
His wife, Usha Mittal, has been an integral part of his journey, supporting his endeavours and contributing to charitable initiatives.
Aditya Mittal, born on January 22, 1976, is the CEO of ArcelorMittal, a global steel industry giant founded by his father, Lakshmi Mittal. Educated in the U.S. and with a background in economics, he joined the family business in 1997.
His leadership played a crucial role in Mittal Steel's merger with Arcelor in 2006, forming Arcelor Mittal. Aditya has received recognition, including being ranked fourth in Fortune Magazine's "40 under 40" list.
Beyond business, Aditya is active in various organisations and philanthropy. He, along with his spouse Megha, made a substantial donation to the Great Ormond Street Hospital in London.
Aditya Mittal's personal life includes his marriage to Megha Mittal, his sister Vanisha, also a board member at ArcelorMittal, and their three children. He continues to lead ArcelorMittal's global steel endeavours and philanthropic efforts.
Vanisha Mittal Bhatia, daughter of Mr. Lakshmi N. Mittal and sister of Mr. Aditya Mittal, holds pivotal roles within the Arcelor Mittal family.
Appointed as a non-independent Director, she's been part of the LNM Holdings Board of Directors since June 2004. Her journey continued as she joined Mittal Steel’s Board of Directors in December 2004.
Here, she led significant initiatives in the Procurement department, including the "total cost of ownership program." In April 2011, Vanisha Mittal Bhatia took on the role of Chief Strategy Officer at Aperam, showcasing her expertise and leadership.
With a Bachelor of Sciences from the European Business School and her Indian citizenship, she continues to be a notable figure in the Mittal legacy.
In conclusion, Lakshmi Mittal's story is one of perseverance, innovation, and philanthropy.
From humble beginnings in India to the helm of one of the world's largest steel making companies, his journey serves as an inspiration to aspiring entrepreneurs and a testament to the power of determination and resilience.
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