Lakshmi Mittal, an icon in the steel industry, is a visionary industrialist whose ascent from modest origins to global eminence is truly extraordinary. As the chairman of ArcelorMittal, the world’s leading steel and mining corporation by output, his leadership has reshaped the industry. While previously serving as the company’s CEO, in 2021, he delegated the role to his son, Aditya Mittal. Renowned as one of the world’s foremost billionaires, Lakshmi Mittal is equally recognized for his philanthropic endeavors, particularly in the areas of children’s health and education.
Early Life and Education:
Born into a modest family in 1950 in Sadulpur, Rajasthan, Lakshmi Mittal was acquainted with the steel industry from an early age, as his father operated a small steel business. Educated at St. Xavier’s College in Kolkata, Mittal gained firsthand experience by working in the mill. Fueled by ambition and foresight, he ventured to Indonesia in 1976 to establish his own steel company.
With unwavering determination, Mittal expanded his steel empire globally, acquiring struggling steel plants and transforming them into prosperous enterprises. His most significant achievement occurred in 2006 when he orchestrated the merger of his company, Mittal Steel, with Arcelor, forming ArcelorMittal, the world’s largest steel producer with a revenue of $68 billion.
Philanthropy and social work:
In addition to his business pursuits, Mittal demonstrates a profound dedication to philanthropy and social welfare. He has founded several charitable organizations and generously contributed to Harvard University, where he serves as a member of the Global Advisory Council. Notably, he has made substantial donations to UNICEF to address child malnutrition in India. As a resident of the United Kingdom, Lakshmi Mittal has also supported the Great Ormond Street Hospital through his philanthropic contributions.
His net worth:
According to Forbes, Lakshmi Mittal’s net worth is currently estimated at $17 billion as of April 2, 2024. He holds the position of the 110th richest individual globally and ranks as the 10th wealthiest person in India. Mittal’s significant ownership in ArcelorMittal serves as a primary source of his wealth. Additionally, he holds a 3% stake in the EFL Championship Club Queens Park Rangers F.C. and holds positions on various boards worldwide.
His house and other assets:
Lakshmi Mittal’s residence is nothing short of opulent luxury. His property at 18-19 Kensington Palace Gardens is valued at $128 million, ranking among the most expensive houses globally. This lavish palace boasts 12 bedrooms, an indoor pool, and Turkish baths, adorned with marbles sourced from the supplier of the Taj Mahal. Additionally, Mittal possesses a colonial bungalow valued at $30 million on New Delhi’s Dr. APJ Abdul Kalam Road. His impressive collection of assets includes numerous cars, yachts, and planes, featuring the Amevi—a 267.5-foot-long yacht valued at $150 million—and a Gulfstream 550 private jet.
Legacy and Impact:
Lakshmi Mittal’s impact transcends the confines of the steel industry. Through his visionary foresight and relentless dedication, he has carved out a prominent position for himself on the global stage of steel production. Throughout his career, Mittal has garnered numerous accolades, including the Steelmaker of the Year award from New Steel in 1996, Fortune magazine’s European Businessman of the Year in 2004, and Person of the Year by the Financial Times in 2006. In recognition of his achievements, he was honored with a Doctor Honoris Causa from the AGH University of Science and Technology in Krakow, Poland, in 2013.
