Facts about Lakshmi Mittal
Full Name: Lakshmi Niwas Mittal
Born: June 15, 1950
Source of Wealth: Steel
Residence: London, United Kingdom
Marital Status: Married
Education: Bachelor of Arts/Science, St Xavier’s College Calcutta
Ranking and Net Worth:
Ranking (World): #106
Ranking (Billionaires List 2023): #93
Net Worth (8/30/23): $16.5 billion (Real Time Net Worth)
Net Worth (4/4/23): $17.7 billion (2023 Billionaires Net Worth)
Lakshmi Niwas Mittal, born on June 15, 1950, is a renowned Indian business magnate and the chairman and CEO of ArcelorMittal, the world’s largest steel and mining company based on output. He hails from a family with deep roots in the steel industry and has played a significant role in shaping the global steel landscape.
Mittal’s career journey began when he founded Mittal Steel, a venture that he pursued independently from his siblings. He later orchestrated the merger of Mittal Steel with France’s Arcelor in 2006, forming ArcelorMittal. Under his leadership, ArcelorMittal has become a powerhouse in the industry, reporting substantial revenues.
With a net income of $9.3 billion reported in 2022, ArcelorMittal faced challenges due to lower steel shipments and disruptions arising from conflicts, such as the situation in Ukraine. Nevertheless, the company remains a dominant force in the steel sector.
Mittal’s business acumen extended to strategic acquisitions. In partnership with Nippon Steel, ArcelorMittal acquired Essar Steel in a significant deal worth $5.9 billion in 2019. This acquisition added to the company’s impressive portfolio.
In 2021, Mittal transitioned the CEO’s role to his son, Aditya Mittal, while retaining the position of executive chairman of ArcelorMittal. This move marked a generational shift in leadership while maintaining Mittal’s influence within the company.
Lakshmi Mittal’s wealth has earned him a place on various Forbes lists, including being one of the world’s billionaires and India’s richest individuals. As of august 2023 his net worth was reported to be $17.7 billion.