He leads a company that shapes skylines, railways and cities across the world. As chairman of ArcelorMittal, the world’s second largest steel and mining company by output, he oversees a business that recorded revenues of $62.4 billion as per Forbes — a journey that once included acquiring a steel plant for just £1 (one Irish pound) in 1996. That man is Lakshmi Mittal, also known as the richest Indian abroad.
In 2025, India’s billionaire rankings showed a sharp divide. While some tycoons saw their fortunes shrink, a few at the very top gained. Lakshmi Mittal was among the biggest winners. According to the Bloomberg Billionaires Index, Mittal added nearly $12 billion to his wealth in 2025. His net worth rose to about $31 billion, making him one of the biggest wealth gainers of the year. As of January, 2026, his net worth stands at $26.7B, according to Forbes.
The Irish plant bought for just $1
Mittal’s business style was clear from the start. He did not chase successful companies. Instead, he bought steel plants that others had written off as failures. At just 26, after the Indian government curbed steel production, Mittal set up his first steel factory, PT Ispat Indo, in Indonesia’s East Java. In 1989, he bought a loss-making, state-owned steel plant in Trinidad and Tobago. Many doubted the decision. Within a year, the plant was profitable. Similarly, picked up struggling factories in Mexico, Kazakhstan, the United States and other countries and revived them.
One of the most talked-about deals of Mittal’s career came in 1995, when he bought the Irish Steel plant in Cork from the Irish government for a symbolic price of just IR£1.
At the time, the plant was deep in loss. But six years later, in 2001, it was shut down, leaving more than 400 workers without jobs. The closure sparked criticism, especially after environmental problems surfaced at the site. The clean-up of Cork Harbour was expected to cost around €70 million. The Irish government went to court, seeking a ruling that Mittal’s company should help pay for the clean-up. The High Court bid failed.
Before December 2001, Mittal had already built a strong presence outside India. He had taken over steel assets in Mexico, which he renamed Ispat Mexicana, and also ran a major operation in Kazakhstan called Ispat Karmet.
That same year, in November 2001, he acquired Sidex Galati, Romania’s largest steel plant. To supporters of globalisation, Mittal became a symbol of a new world order. He was seen as a modern businessman shaking up the old, polite, and outdated ways of “Old Europe.”
Lakshmi Mittal: The steel giant who built a global empire
Mittal has lived outside India for decades. He owns one of Britain’s most expensive homes, a mansion in London’s Kensington Palace Gardens that reportedly cost $127 million. His personal life has often drawn as much attention as his business. He hosted a lavish wedding for his daughter in Europe, said to have cost over $60 million.
Today, Lakshmi Mittal stands as one of the world’s most influential steel barons, but Mittal’s journey did not begin in boardrooms or luxury homes. It began in a small village in Rajasthan, where there was not even electricity. Born into a Marwari merchant family, Mittal grew up far from the world he would later dominate.
When he finally acquired Arcelor in a dramatic deal, it was not just a business victory. It marked the rise of a new kind of global power, coming from countries like India and China, and it made many in the West quite uneasy.
Lakshmi Mittal today heads one of the biggest industrial companies on the planet. He is the chairman of ArcelorMittal, the one of the world’s largest steel and mining companies by output. ArcelorMittal’s financial performance saw a record growth in 2024. The company reported a net income of $1.3 billion, marking a rise of more than 40 percent compared to $919 million in 2023, according to Forbes.
According to Forbes, in 2019, ArcelorMittal partnered with Nippon Steel to complete the $5.9 billion acquisition of Essar Steel. The company had earlier been controlled by Shashi and Ravi Ruia, once counted among India’s billionaire industrialists.
A major leadership change came in 2021. Mittal stepped aside from the role of chief executive officer and handed over the position to his son, Aditya Mittal. Even after giving up the CEO’s chair, he continued to lead the company as executive chairman of ArcelorMittal,