Mr. Lakshmi N.
Mittal is the Chairman and CEO of Mittal Steel Company. He founded
the company (formerly the LNM Group) in 1976 and has been responsible
for the strategic direction and development of its businesses.
Mittal Steel is the only truly global steel producer in the
world with operations on 14 countries, spanning 4 continents.
Mr. Mittals ability to guide the company in its identification,
acquisition and turnaround of steel assets has led to its emergence
as one of the worlds fastest growing steel producers.
Mr. Mittal began his career working in the familys steelmaking
business in India, and has over 30 years of experience working
in steel and related industries. Over the years, Mr. Mittal
has also championed the development of integrated mini-mills
and the use of Direct Reduced Iron or DRI as a scrap
substitute for steelmaking and led the consolidation process
of the global steel industry. Other related activities of Mittal
Steel include shipping, power generation and distribution, and
Following the transaction combining Ispat International and
LNM Holdings to form Mittal Steel in December 2004, together
with the simultaneous announcement of the acquisition of International
Steel Group in the US to form the worlds largest steel
producer, Mr. Mittal was awarded Fortune magazines European
Businessman of the Year 2004. Previously, he was awarded
Steelmaker of the Year in 1996 by New Steel in the
USA, and the Willy Korf Steel Vision Award in June
1998, for outstanding vision, entrepreneurship, leadership and
success in global steel development from American Metal Market
and PaineWebers World Steel Dynamics.
Mr. Mittal is an active philanthropist and a member of various
trusts. Mittal Steel is a significant contributor to local community
and welfare activities for employees in countries where the
Group operates. Mr. Mittal is a member of the Foreign Investment
Council in Kazakhstan, the International Investment Council
in South Africa, the World Economic Forums International
Business Council and the International Iron and Steel Institutes
Executive Committee. He is a Director of ICICI Bank Limited
and is on the Advisory Board of the Kellogg School of Management
in the U.S.. He was born in Sadulpur in Rajasthan, India on
June 15, 1950, and graduated from St. Xaviers College
in Calcutta where he received a Bachelor of Commerce degree.
He is married to Usha Mittal, and has a son, Aditya Mittal and
a daughter, Vanisha Mittal.
Mittal richest in Britain- wealth 14.8 billion pounds
LONDON, April 3 (UPI) -- U.K, NRI, steel magnate Lakshmi Mittal
with a wealth of 14.8 billion pounds, making him the Britain's
richest man, according to the Rich List of the Sunday Times.
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The London-based businessman's personal fortune is estimated
at $26 billion from his 88 percent stake in the newly enlarged
Mittal Steel, the Scotsman reported.
Last February, Mittal received a $260 million
dividend from shareholdings in the steel group controlled by
Mittal, who was born in a village in India with
no electricity, bought what what is believed to be the world's
most expensive house -- a 12-bedroom, $131 million property
in Kensington Palace Gardens in London.
Last month, Forbes magazine estimated Mittal was
the third richest man in the world, after Microsoft's Bill Gates
and investment manager Warren Buffet.
There are as many as 27 NRIs listed among the
1,000 people on the 'The Sunday Times Rich List 2005', revealed
today, with the Hindujas - S P and G P Hinduja, Chairman and
President respectively of the Hinduja Group - being the 13th
richest in Britain with assets worth 2.1 billion pounds.
NRI industrialist Lord Swraj Paul, is listed
175th richest in Britain with wealth worth 275 million pounds
- five million pounds more than Queen Elizabeth II, who is listed
180th with assets to the tune of 270 million pounds.
The top 10 richest in Britain are:
- Lakshmi Mittal (Steel, 14.8 billion pounds)
- Roman Abramovich (Oil, industry, football 7.5 b pounds)
- The Duke of Westminster (Property, 5.6 b pounds)
- Hans Rausing and family (Food packaging, 4.95 b pounds)
- Philip and Christina Green (Retailing, 4.85 b pounds)
- Oleg Deripaska (Aluminium, 4.375 b pounds)
- Sir Richard Branson (Transport and mobile phones, 3 b pounds)
- Kirsten and Jorn Rausing (Inheritance and Investments, 2.575
- David and Simon Reuben (Property and metal trading, 2.5
- Spiro Latsis and family (Banking, aviation and shipping,
2.4 b pounds).
10 richest NRI listed in Britain
- Steel magnate Lakshmi Mittal with a wealth of 14.8 billion
- The Jatania brothers (beauty products, 650 million pounds)
- Anil Agarwal (Metals, 620 m pounds)
- Bhikhu and Vijay Patel (Pharmaceuticals, 444 m pounds)
- Gulu Lalvani (Consumer electronics, 400 m pounds)
- Tom Singh (Fashion, 361 m pounds)
- Jasminder Singh (Hotels, 350 m pounds)
- Lord Swraj Paul (Steel, 275 m pounds)
- Firoz Kassam (Hotels, 250 m pounds)
UK NRI steel baron
3RD RICHEST PERSON IN THE
New York, Mar. 13, 2005
NRI steel baron , Laxmi
Nivas Mittal, a non-resident Indian living in Britain, who has
climbed the ladder of the world's richest persons list dramatically
in the past years, has now been named as the third richest person
in the world!
According to the new list published
by Forbes Magazine, Mittal, who is worth 25 billion dollars
(Rs. 1.10 lakh crore), is only behind Microsoft's Bill Gates
and industrialist Warren Buffet.
Bill Gates, worth 46.5 billion
dollars (Rs. 2 lakh crore) is holding onto the No. 1 spot for
the 11th successive year.
Laxmi Mittal's fortunes rose dramatically due to the surging
demand for steel worldwide with the construction industry witnessing
a boomtime. He was ranked the 60th richest person in the world
only last year.
Mittal owns steel industries in
many European countries and African Continent apart from
United States and UK.
12 Indians have been featured in Forbes' list
of World's Richest People 2005 including Azim Premji of Wipro,
Mukesh and Anil Ambani of Reliance Industries and Naresh Goyal
of domestic aviation major Jet Airways.
No one had a better year that Lakshmi Mittal,"
said the magazine about the London-based, Rajasthan-born steel
baron was the biggest dollar gainer on this year's listing of
the world's billionaires. Soaring world prices for steel and
acquisition of mills across the globe especially in Eastern
Europe helped Mittal to emerge as the third-richest person in
Born into a steel making family, Mittal struck
out on his own in 1976. He has already become the world's second-largest
steel maker behind Luxembourg-based Arcelor. This year he is
expected to become the undisputed number one.
He announced that the newly enlarged Ispat, now
renamed Mittal Steel, would pay $4.5 billion to buy Ohio-based
International Steel Group. The ISG merger will make Mittal Steel,
which also bought Inland Steel in 1998, the largest steel producer
in the US and increase its overall annual production capacity
from 48 million tons to 70 million tons.
In 2005, Mittal's revenue is expected to rise
45 percent to $32 billion, said Forbes.