Lakshmi Mittal, ArcelorMittal

Man of Mettle

Lakshmi Niwas Mittal, who is at the helm of ArcelorMittal, the world's second-largest steel producer, is widely considered synonymous with the global steel industry. His legacy goes beyond his accomplishments in the steel industry through the LNM Foundation. 

The World Steel Association (WorldSteel) in its October 2024 report of the short range outlook (SRO) for FY24 forecast that the global steel demand would dip further by 0.9% to 1751 million tonnes. However, after three years of decline, WorldSteel is expecting a broadbased recovery globally, except China, in 2025. Demand for steel is forecast to rebound by 1.2% in 2025 to reach 1772 million tonnes globally.

According to Dr. Martin Theuringer, Managing Director, German Steel Association and Chairman of the WorldSteel Economics Committee, observed: "The year 2024 was a difficult period for global steel demand, as the global manufacturing sector continued to grapple with persistent headwinds, including decreasing household purchasing power, aggressive monetary tightening and escalating geopolitical uncertainties."

Despite the challenges, such as lingering effects of monetary tightening, higher costs, limited affordability and geopolitical uncertainties, WorldSteel is optimistic that global steel demand would enter a moderate growth phase in 2025. The global market for steel was estimated at 1.8 billion metric tonnes in 2024. It is projected to reach 2.2 billion metric tonnes by 2030, clocking a CAGR of 2.9% from 2024 to 2030. 

Lakshmi Mittal

Lakshmi Mittal is considered synonymous with the global steel industry. His role in building ArcelorMittal, the world's largest steel company, is attributed to his aggressive acquisitions and strategic leadership. He is looked up to for his role in reshaping the global steel industry. Thanks to his vision for the growth of the industry, he successfully transformed what was once a balkanised and localised industry into a more integrated global sector.

Lakshmi Mittal, a global businessman who serves on the boards of various advisory councils, is also a philanthropist engaged in children's health and education. He is a citizen of India but resides in the UK to helm his vast business.

Mittal Roots

Lakshmi Mittal was born into a Marwari Hindu family in Sadulpur, Rajasthan, India, in 1950. The family eventually moved to Kolkata. Subsequently, his father Mohanlal Mittal set up a steel mill, Nippon Denro Ispat, in 1976. Laxmi studied at Shri Daulatram Nopany Vidyalaya, Kolkata. He pursued his B.Com. at St. Xavier's College, affiliated to the University of Calcutta. Due to restrictions placed on steel production by the then Indian government, young Laxmi opened his first steel factory, PT Ispat Indo, in Sidoarjo, East Java, Indonesia. In 1989, Mittal purchased the loss-making state-owned steel works in Trinidad and Tobago. In a year's time he turned them into profitable ventures.

Until the 1990s, the Mittals' main assets in India were a cold-rolling mill for sheet steels in Nagpur and an alloy steel plant in Pune. Today, the family business, including a large integrated steel plant near Mumbai, is run by his younger brothers Pramod Mittal and Vinod Mittal. In 1995, Laxmi Mittal purchased the Irish Steel plant based in Cork, Ireland, from the government, but it was closed down after a few years. Subsequent environmental issues at the site drew flak. 

In 2001, Mittal acquired an existing business, which he renamed Ispat Mexicana, while he bought another unit, Ispat Katmet, in Kazakhstan. Shortly thereafter he renamed Sidex Galati to Ispat Sidex, which he had acquired in November 2001. In the late-2003, LNM Group concluded the $155-million transaction to take over the control of steel assets, Siderurgica Hunedoara and Petrotub Roman. Thereafter, it also took over the Polish PHS Steel Group. In 2007, Lakshmi Mittal made a hostile takeover of Arcelor, which he renamed ArcelorMittal. In the process, he obtained control over the Usinor of France, the Arbed of Luxembourg, and the Aceralia of Spain.

ArcelorMittal 

ArcelorMittal, an integrated steel manufacturing company, headquartered in Luxembourg, manufactures and markets a range of finished and semi-finished steel products. The product portfolio consists of flat steel, including sheet and plate, and long steel, including bars, rods, and structural shapes. Also, it produces pipes and tubes for various applications, and mining products, including iron ore lump, fines, concentrate and sinter feed, coking, pulverized coal injection (PCI) and thermal coal. The company is engaged in iron ore and coal mining operations in the Americas, Europe, Asia and Africa. The company markets steel products largely in local markets and through centralized marketing to customers in appliance, automotive, construction, engineering, and machinery sectors. 

ArcelorMittal is ranked second on the list of steel producers. It reported an annual crude steel production of 78 million metric tonnes in 2023. However, In 2024, ArcelorMittal's crude steel production reached 57.9 million tonnes, a 0.3% decrease compared to 2023, while iron ore production increased by 0.9% to 42.4 million tonnes. lt generated a sales revenue of around $62.4 billion in 2024. It has strategic project capex investments for the Liberia expansion project (41%), the renewables energy project in India (14%), and Mardyck Electrical Steels (14%).  It has steel-making operations in 15 countries, including 37 integrated and mini-mill steel-making facilities. 

Mittal Family

Lakshmi Mittal has two brothers, Pramod Mittal and Vinod Mittal, and a sister, Seema Lohia. Seema is married to Prakash Lohia, who owns Indorama Corporation. (Read Prakash Lohia)

Lakshmi Mittal is married to Usha Dalmia. They have a son Aditya Mittal and a daughter Vanisha Mittal. He resides at 18-19 Kensington Palace Gardens, which was bought in 2004 for £67 million ($128 million). The opulent house, then the world's most expensive residence, is decorated with marbles taken from the same quarry from where marble stones were sourced by King Shahajahan to construct the Taj Mahal. The extravagance is often referred to by the media as the 'Taj Mittal'. It has 12 bedrooms, an indoor pool, Turkish baths and parking for 20 cars.

Also, Lakshmi Mittal bought No. 9A Palace Greens, Kensington Gardens, formerly the Philippines Embassy, for £70 million in 2008, for his daughter Vanisha Mittal. She is married to Amit Bhatia, a businessman and philanthropist. Vanisha's wedding reception is still remembered for its lavish 'vegetarian Party' held in the Palace of Versailles, France.

Achievements And Awards

The following are some of the major achievements and awards received by Lakshmi Mittal:

• Turning around the fortunes of state-owned steel works in Trinidad and Tobago.
• Acquiring and successfully managing the Irish Steel plant in Cork, Ireland, and renaming Sidex Galati to Ispat Sidex. 
• Acquisition of PHS Steel Group from the Polish government and renamed Ispat Mexicana and Ispat Karmet.
• Most significant achievement is the acquisition of Arcelor in 2006, creating the world's largest steelmaking company, ArcelorMittal. 
• Lakshmi Mittal has received numerous awards and honours, including the Padma Vibhushan, India's second-highest civilian honour, in 2008.

Besides, Lakshmi Mittal gained international recognition as a steel industry leader. In 1996, he was awarded Steelmaker of the Year by New Steel in the US. He was named Fortune's European Businessman of the Year in 2004, and Person of the Year by the Financial Times in 2006. In 2010, he received the World Steel Association’s medal in recognition of his contribution to the sustainable development of the global steel industry. In 2013, he received a Doctor Honoris Causa from the AGH University of Science and Technology in Krakow, Poland.

Lakshmi Mittal is Chairman of $68-billion (revenue) ArcelorMittal, the world's largest steel and mining company by output. In 2019, Arcelor and Nippon Steel completed their $5.9 billion acquisition of Essar Steel, once controlled by former billionaires Shashi Ruia and Ravi Ruia. In 2021, Mittal made his son Aditya Mittal as CEO while he took over as Executive Chairman of ArcelorMittal. As of March 2025, Lakshmi Mittal's net worth is estimated at $18.43 billion. 

Lakshmi Mittal’s legacy goes beyond his accomplishments in the steel industry. The LNM Foundation, a platform for social responsibility that he founded, is engaged in improvement of education, healthcare, and development of the community. His philanthropic efforts include numerous social causes, which show his belief in corporate responsibility in the fight against societal challenges and his dedication to giving back to society.

(Photo: Courtesy ArcelorMittal)