Dhirubhai Ambani Biography: Success Story
Learn all that the Dhirubhai Ambani biography entails and understand how he built Reliance Industries from the ground up.
10 Aug, 2022
5 min read
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Learn about Lakshmi Mittal, India’s steel tycoon and executive chairman of ArcelorMittal.
Lakshmi Narayan Mittal was born in the Sadulpur district of Rajasthan India on July 15, 1950. He previously served as the CEO of the world’s largest steel and mining manufacturer – ArcelorMittal. As of 2021, he serves as its chairman. 2021 also saw him be recognised as India’s 6th wealthiest person. In 2022 he saw his net worth amount to USD 18.5 billion.
Early Years
As his father operated a steel mill in Calcutta, Lakshmi’s family moved there in the 1960s. Lakshmi went on to work here while majoring in science at St. Xavier’s College. He graduated in 1970 and began to serve as a trainee at the mill.
Six years later, he opened a steel mill of his own in Indonesia. He devoted over ten years of his life here and sought to understand the most efficient method of running it. By 1989, he had gained ownership of Trinidad and Tobago’s state-owned steelworks that had been facing major losses. Under Mittal’s helm, this facility had become profitable and had begun doubling its output. Mittal followed this practice of purchasing primarily state-run outfits that were on the brink of collapsing and would send special management teams to revitalise the businesses. This model would go on to become the steel industry’s business model that’s been adopted on a global scale.
Assessing the Gap in the Steel Industry
Mittal focused on consolidation, and this separated him from the rest of the industry that had become brittle and fragmented. While steel remained to be a much-wanted commodity, several steel companies operating on a smaller scale hadn’t been able to acquire competitive deals with major clients most of whom operated in the realms of appliance manufacturing and the automotive space.
That said, Lakshmi’s company had a chokehold on close to 40 per cent of the American market as far as flat-rolled steel was concerned and which was used to make cars. This enabled him to negotiate superior prices.
Mergers and Acquisitions
By 2004, Lakshmi chose to merge his companies LNM Holdings and Ispat International and added International Steel Group to his roster. His new company was called Mittal Steel Co. NV and was now recognised as the biggest steelmaker in the world.
In 2006, Mittal saw another merger take place wherein Mittal Steel joined forces with Arcelor such that ArcelorMittal was formed. Mittal served as its CEO until 2021, before stepping down.
ArcelorMittal
This company is responsible for producing steel in varied forms that help with mobility, industrial, infrastructure, construction and energy sectors. With research centres set up across the world, this company tests new steel products and their processes and helps identify solutions by testing, improving and deploying them. With a hope to decarbonise, ArcelorMittal is cognisant of the fact that steel can play a major role in contributing to net-zero emissions. As of 2021, the company had a net income that amounted to close to INR 15 billion. It anticipates its steel shipments to rise by 3 per cent this year.
Presently, ArcelorMittal has steelmaking operations set up in 17 countries and has an industrial presence that spans 59 countries. Its operations are carried out within North and South America, CIS, Europe and Africa.
Credits Bestowed
Recognised as the leader of the steel industry, Lakshmi was awarded the “Steelmaker of the Year” by New Steel in 1996. He was also called Fortune magazine’s “European Businessman of the Year" in 2004. By 2006, the Financial Times gave him the “Person of the Year” award. In 2010, Lakshmi Mittal was awarded the World Steel Association’s medal owing to his sustainable development efforts within the global steel industry. The year 2013 saw the steel tycoon be awarded a Doctor Honoris Causa by Poland’s AGH University of Science and Technology.
Final Thoughts
Lakshmi Mittal is big on philanthropy and has made several donations to Harvard University and UNICEF. His family has also made donations to the Great Ormond Street Hospital in the United Kingdom. Mittal’s spirit of generosity combined with his go-getter personality is worth noting and commendable. Learn more about him as well as other inspirational individuals on the Angel One website.
Disclaimer: This blog is exclusively for educational purposes and does not provide any advice/tips on investment or recommend buying and selling any stock.
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