Introduction
Lakshmi Mittal, an Indian steel magnate, is the chairman of ArcelorMittal. It is the largest steelmaking company in the world.
Mittal holds 38% of ArcelorMittal and an 11% stake in Queens Park Rangers F.C.
Lakshmi Mittal’s net worth is approximately $18 billion as of July 2022.
Early Life
Lakshmi Niwas Mittal, a Sadulpur native, was born on the 15th of June 1950.
From 1957 to 1964, Mittal was a student at Shri Daulatram Nopany Vidyalaya in Calcutta. He received a first-class B.Com degree from St. Xavier’s College affiliated with the University of Calcutta.
Due to the Indian government’s ban on steel production, 26-year-old Mittal established his first steel plant, PT Ispat Indo, in Sidoarjo, East Java, Indonesia.
Career
1989 saw Mittal purchase the troubled state-owned steelworks of Trinidad and Tobago. The steelworks had been losing large sums of money. The facility doubled its production and was now profitable a year later.
A similar strategy was used by him to achieve success in several acquisitions around the globe, including purchasing failed businesses and sending special management teams to reorganize them.
Mittal’s business philosophy stressed consolidation in an industry that was becoming weak and fragmented. Even though steel demand was high, smaller steel companies were unable to negotiate competitive deals with major clients, such as automakers and appliance makers.
However, his company controlled approximately 40% of the American flat-rolled steel market used in making cars. This allowed him to negotiate better prices.
Mittal acquired Ohio’s International Steel Group in 2004 and merged his two companies, Ispat International & LNM Holdings. Mittal Steel Co. NV emerged as the largest steelmaker in the world from the merger.
Highlights
These are the top highlights from Lakshmi Mittal’s career:
- Chairman and CEO of ArcelorMittal
- “Person of the Year” Award (2008)
- Member of Goldman Sachs (2008)
Three Powerful Lessons From Lakshmi Mittal
We now know all about Lakshmi Mittal and his success story. Let’s look at some lessons we can learn.
1. It is a great way to get ahead
People work hard these days. You need to be even more dedicated to what you do and what you want to achieve.
2. For the strong players
If there is enough critical mass, a strong player can withhold pressure better and create a stable environment that benefits both shareholders and employees.
3. Tough Times
Everybody experiences difficult times. It is an indicator of how determined and dedicated you are to how you handle them and how well you can get through them.
Favorite Quotes From Lakshmi Mittal
We have been through many cycles over the last twenty years and have always been able to purchase at the right price and on good terms. This has allowed us to create a strong group that is the number one in the world.
The Olympic Games are a great example of what the torch relay represents – a celebration and celebration of human spirit. It represents, to me personally, striving to achieve the highest level in all we do and never giving up, and a dedication to health and fitness.