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  1. Steel baron Lakshmi Mittal drops down South Africa rich list

Steel baron Lakshmi Mittal drops down South Africa rich list

UK-based steel baron Lakshmi Mittal has dropped further down the annual list of South Africa's wealthiest businessmen...

By: | Johannesburg | Published: December 7, 2014 8:20 PM
Mittal established ArcelorMittal over a decade ago after acquiring former South African state-owned steelmaker Iscor. (Reuters)

Lakshmi Mittal established ArcelorMittal over a decade ago after acquiring former South African state-owned steelmaker Iscor. (Reuters)

UK-based steel baron Lakshmi Mittal has dropped further down the annual list of South Africa’s wealthiest businessmen after leading the pack for six consecutive years, due to the plummeting share price of his company ArcelorMittal SA, the world’s largest steel producer.

This is the third consecutive year that Mittal’s status has dropped in the annual list in South Africa compiled by the Sunday Times, even though does not live in the country.

Mittal established ArcelorMittal over a decade ago after acquiring former South African state-owned steelmaker Iscor.

Mittal’s 52 per cent holding in ArcelorMittal, worth 6.3 billion rands, now places him at 13th position from 9th last year, 3rd before that, while he topped the list for the preceding six years.

At the top of this year’s list is mining magnate Ivan Glasenberg, with an estimated worth of 61 billion rand.

The only other South African Indian-origin businessmen in the top 100 on the Rich List are – Mustaq Enus-Brey of Investment company Brimstone, at 78th with 76 billion rand; and Anton Pillay of Coronation Fund Managers with 493 million rand, at 87th position.

Two surprise entrants on the list of the biggest earners in South Africa were Jyoti Desai and Ahmad Farroukh, Indian-origin managers at telecommunications company MTN, which was once involved in acquisition deals with Airtel.

The rich list is based on an analysis of holdings of all companies listed on the Johannesburg Securities Exchange.

Mittal does not live in South Africa, but first headed the rich list after his then rapidly growing company first provided technical assistance to turn the ailing Iscor around before buying it out in 2001 as he expanded his global steel empire.

The rich list is based on an analysis of holdings of all companies listed on the Johannesburg Securities Exchange, thus being only the South African portion of Mittal’s wealth, as he has huge interests worldwide.

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