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This is an archive article published on June 26, 2006
We got it: Mittal
Soon after his takeover of Arcelor, Lakshmi Mittal 8216;8216;was so jubilant,8217;8217; says industrialist and friend Wilbur Ross...
Written by Enseconomicbureau
Mumbai | June 26, 2006 12:00 AM IST
2 min read
2 min read
Soon after his takeover of Arcelor, Lakshmi Mittal 8216;8216;was so jubilant,8217;8217; says industrialist and friend Wilbur Ross, that he kept saying: 8216;8216;We got it, we got it8217; about 20 times.8217;8217;
Well, Mittal, the world8217;s fifth-richest man, has indeed 8216;got it8217; ever since he started work at his father8217;s mill in Kolkata at a time when many had written the steel industry off. In 1976, at the peak of emergency in India, Mittal branched out, and made his fortune by transforming ailing steel mills around the globe into money spinners by cutting costs, exploiting economies of scale, and selling higher-value products into a growing market.
He is now worth 23.5 billion. And though he is media-shy, is known for the lavish spending on his childrens8217; weddings, his 70 million pounds home in London, and the 8216;8216;cash-for-favours8217;8217; scandal in the UK.
He expanded into Trinidad in the 1980s and also began acquiring former state-owned plants in the former Soviet Union and Eastern Europe. Mittal cemented his position as a steel magnate in 2003 when he consolidated his assets into stock market-listed Mittal Steel.
Mittal and his family own around 87 of Mittal Steel, with his two children closely involved in the business. Aditya is the firm8217;s CFO while daughter Vanisha is a director. The family8217;s stake in Arcelor-Mittal will be diluted to 43.4.
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