Lakshmi Mittal is one of the main steel tycoons worldwide. Born into a humble family, the 74-year-old Indian entrepreneur built his fortune by buying struggling companies, thus becoming one of the most influential and successful executives of our time.
Mittal was born on June 15, 1950 in Sadulpur, Rajasthan, India. The path of this entrepreneur to reach the top of the steel industry is impressive. His humble origins marked his route and he did not miss any opportunity to lead the world’s largest steel company, ArcelorMittal.
The chairman and CEO of Mittal Steel grew up in a precarious village in India that did not even have electricity. Later, along with his family, he moved to Calcutta, where his father, Mohan Lal Mittal, set up a small metalworking company. It was during this time that Mittal had his first contact with the world of steel.
Over the years, this young Indian got to know the business well until he completely inherited his father’s business. Thus, in 1976 he founded Mittal Steel, but what catapulted him was the gift of seeing opportunities, thus acquiring several low-cost steel mills.
Low-cost steel mills, the key to Miital’s success
The first company he acquired was Ispat Indo, which was on the verge of bankruptcy in Indonesia, then he bought Trinidad and Tobago Steel, located in Trinidad and Tobago. Both were restructured thanks to ArcelorMittal and became profitable businesses. He also acquired low-cost steel mills in countries like Bosnia, Romania, Czech Republic, North Macedonia, Poland, among others. The exponential leap came when he acquired in the United States, International Steel Group, the Ukrainian steel company Kryvorizhstal and the company Arcelor, originating from France, was the second largest steel mill in Europe, thus creating ArcelorMittal.
Currently, the company is considered the leader in the steel business and operates in more than 60 countries worldwide. According to Forbes, ArcelorMittal reported net income of $919 million dollars in 2023, so Mittal’s net worth is $16 billion dollars, Lakshmi Mittal, placing him at number 113 of the world’s richest people in the Forbes ranking.
