A man of pure steel

Updated: Jan 1 2006, 08:01am hrs
Its not easy to hold your own when your father is a luminary in the Forbes hall of fame. But while father Laxmi Narayan Mittal has made his mark as global steels turnaround man, 28-year-old Aditya Mittal is making his mark as the groups relentless number-cruncher. Having secured a place as one of 237 young global leaders, it is held that before long LN Mittal may well be known as Adityas dad.

His grandfather, Mohan Lal Mittal, is once believed to have said that Aditya was even cleverer than Laxmi. When you consider that fact that Mittal has been in charge of mergers and acquisitions at LNM Holdings for the last four years, you feel old man Mittal may not have been far off the mark.

This bachelor in business from the Wharton School of Business began his career as an investment banker in the mergers and acquisitions group at Credit Suisse First Boston Corporation. He then joined Ispat International NV as head of M&A and director of finance where he led the largest equity offering in the steel industry, multiple acquisitions in Europe and North America, and the company's strategy in ecommerce.

The young Mittal also heads LNM Capital, the private investment office of the Mittal family which focuses on public, private equity and venture capital investments. As director of finance, Ispat International and partner, LNM Internet Ventures, he is now also a member of the Ispat International NV Board.

Mittal Steel, after the merger with ISG, is the second-largest steel producer in Europe, the largest in Africa and has a leading position in the North American market. Its 2005 revenues are likely to be $31.5 billion and its market capitalisation is $18.5 billion. The young Mittal says, Our journey is far from complete. Speaks volumes for his state of mind.