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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 ‘‘was so jubilant,’’ says industrialist and friend Wilbur Ross...

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Soon after his takeover of Arcelor, Lakshmi Mittal ‘‘was so jubilant,’’ says industrialist and friend Wilbur Ross, that he kept saying: ‘‘We got it, we got it’ about 20 times.’’

Well, Mittal, the world’s fifth-richest man, has indeed ‘got it’ ever since he started work at his father’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 childrens’ weddings, his 70 million pounds home in London, and the ‘‘cash-for-favours’’ scandal in the UK.

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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 firm’s CFO while daughter Vanisha is a director. The family’s stake in Arcelor-Mittal will be diluted to 43.4%.

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