Lakshmi Mittal(King of Steel)- Complete Story(From sleeping on mats to owning $16 billion )

Lakshmi Niwas Mittal, born June 1950 is an Indian born steel magnate, based in the United Kingdom. He is the chairman and CEO of Arcelor Mittal.


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Lakshmi Mittal in a nutshell:

  • 3rd Richest person in the world in 2005(Forbes)
  • Honoured with Padma Shri and Ford's Lifetime Achievement Award in 2008
  • The richest Asian in Europe in 2007
  • 6th Richest person in the world in 2011(Forbes)
  • 57th most powerful person in the world in 2015(Forbes)
  • CEO of Arcelor Mittal, the world's largest steel-making company
  • Member of the board of directors of Goldman Sachs since 2008 
  • Member of the Global CEO Council of the Chinese People's Association for Friendship with Foreign Countries
  •  Also a member of the board of trustees of the Cleveland Clinic.
  • In 2005 The Sunday Times named him "Business Person of 2006", 
  • The Financial Times named him "Person of the Year".
  • Time magazine named him "International Newsmaker of the Year 2006".
  •  In 2007, Time magazine included him in their "Time 100" list.

These are just some of the achievements of this impeccable man. 


Now let's get into the insights of what went into his upbringing :

Early Life and Family Background

  • Born in 1950 in Sadulpur, Rajasthan
  • His father had a job in a British Steel Company
  • Lakshmi was brilliant in accounting and mathematics.
  • As a kid, he used to sleep on mats.

Can you guys imagine a guy with such a simple lifestyle could possibly turn his life around and how!

Well, the good news is if he can, why can't you?!?

Education

  • Mittal studied at Shri Daulatram Nopany Vidyalaya, Calcutta from 1957 to 1964.
  • Graduated from St. Xavier's College, Calcutta, with a B.Com degree in the first class from the University of Calcutta.  

Carrer

In business life, you need to have passion, dedication and commitment for what you are doing.

  • In 1976, due to the curb of steel production by the Indian government, the 26-year-old Mittal opened his first steel factory PT Ispat Indo in Sidoarjo, East Java, Indonesia.
  •  Until the 1990s, the family's main assets in India were a cold-rolling mill for sheet steels in Nagpur and an alloy steels plant near Pune.
  •  Today, the family business, including a large integrated steel plant near Mumbai, is run by his younger brothers Pramod Mittal and Vinod Mittal, but Lakshmi has no connection with it
  • Has a net worth of $10B as of Oct'19.
  • Owns 38% of ArcelorMittal
  • Holds an 11% stake in Queens Park Rangers F.C.

Social Work

Sports

  • Mittal up the Mittal Champions Trust with $9 million to support ten Indian athletes with world-beating potential. 
  • In 2008, Mittal awarded Abhinav Bindra with Rs. 1.5 Crore. for getting India its first individual Olympic gold medal in shooting. 
  • ArcelorMittal also provided steel for the construction of the ArcelorMittal Orbit for the 2012 Summer Olympics.

Education

  • In 2003, the Lakshmi Niwas Mittal and Usha Mittal Foundation and the Government of Rajasthan partnered together to establish a university, the LNM Institute of Information Technology (LNMIIT) in Jaipur as an autonomous non-profit organization.
  • In 2009, the Foundation along with Bharatiya Vidya Bhavan founded the Usha Lakshmi Mittal Institute of Management in New Delhi.

  • SNDT Women's University renamed the Institute of Technology for Women (ITW) as Usha Mittal Institute of Technology after a large donation from the Lakshmi Niwas Mittal Foundation.

Medical

  • In 2008 the Mittals made a donation of £15 million to Great Ormond Street Hospital in London, the largest private contribution the hospital had ever received. The donation was used to help fund their new facility, the Mittal Children's Medical Centre.

Personal Life

 Narayan Mittal is the founder of ArcelorMittal — the world’s biggest steel-producing compan

  • Lakshmi Mittal has two brothers, Pramod Mittal and Vinod Mittal, and a sister, Seema Lohia, who married Indonesian businessman, Sri Prakash Lohia. 
  • His residence at 18-19 Kensington Palace Gardens—which was purchased from Formula One boss Bernie Ecclestone in 2004 for £67 million (US$128 million)—made it the world's most expensive house at the time. The house is decorated with marble taken from the same quarry that supplied the Taj Mahal. 
  • Mittal bought No. 9A Palace Greens, Kensington Gardens, formerly the Philippines Embassy, for £70 million in 2008 for his daughter Vanisha Mittal who is married to Amit Bhatia, a businessman, and philanthropist. 
  • In 2005, he also bought a colonial bungalow for $30 million at No. 22, Dr. APJ Abdul Kalam Road, New Delhi, one of the most exclusive streets in India, occupied by embassies and billionaires, and rebuilt it as a house.

 


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