Early life
He was brought up in
Sadulpur village, in the
Churu district of
Rajasthan,
India. Lakshmi Nivas Mittal was born into a
Marwari business family of Rajasthan. He comes from a wealthy Indian steel family - his father, Mohan Lal Mittal, ran a steel business,
Nippon Denro Ispat. 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 Lakshmi's brothers, Pramod and Vinod, but Lakshmi has no connection with it.
[9]Mittal started his career working in the family's steelmaking business in India, and in 1976, when the family founded its own steel business, he set out to establish its international division, beginning with the buying of a run-down plant in
Indonesia. Shortly afterwards he married Usha, the daughter of a well-to-do moneylender. In 1976, due to differences with his father, mother and brothers,branched out on his the LNM Group, and he has been responsible for the development of its businesses ever since. Mittal Steel is a global steel producer with operations in 14 countries.
Mittal pioneered the development of integrated mini-mills and the use of direct reduced iron or "DRI" as a scrap substitute for steelmaking and led the consolidation process of the global steel industry. Mittal Steel is the largest steelmaker in the world, with shipments of 42.1 million tons of steel and profits of over $22 billion in 2004.
Mittal was awarded Fortune magazine's "European Businessman of the Year 2004" and also "Steelmaker of the Year" in 1996 by New Steel, and the "Willy Korf Steel Vision Award" in 1998, for outstanding vision, entrepreneurship, leadership and success in global steel development from Metal Market and PaineWeber’s World Steel Dynamics. In 2002, he was involved in a political scandal with British Prime Minister Tony Blair, when a donation he made to the Labour party led to Blair's intervention in a business deal favoring Mittal. It was announced later that he donated £2 million to the Labour Party.Also conducting charitable activity at his home town
Lakshmi Mittal's father is Mohan Lal Mittal and his brother is Pramod Mittal. His son Aditya Mittal serves as Chief Financial Officer for Arcelor Mittal. His daughter is Vanisha Mittal
[edit]London 2012 Olympics and Paralympic Games
ArcelorMittal, led by Chairman and CEO Lakshmi Mittal, will fund £16 million of the £19.1 million project, with the outstanding £3.1 million provided by the London Development Agency. As such, the sculpture not only represents a significant cultural investment - the largest single artwork ever commissioned for any Olympiad - but will also make a significant financial contribution to the long-term regeneration of East London.
[10]The
ArcelorMittal Orbit, the largest artistic commission in the world, will harness state-of-the-art engineering and architectural techniques. Constructed with steel provided by ArcelorMittal, the sculpture will consist of a continuous looping lattice of tubular steel and offer unparalleled view of the entire Olympic Park and London's skyline from a special viewing platform.
[10][edit]Personal and growing wealth
In 2010, Forbes magazine listed Mittal the world's fifth richest person with personal wealth of
US$28.7 billion. His wealth has grown by over
US$9 billion compared to 2009 and is up 3 places in the Forbes ranking.
[2]In 2009, Forbes magazine listed Mittal the world's eighth richest person with personal wealth of
US$19.3 billion.
[2]In 2008, Mittal was reported to be the fourth wealthiest person in the world, and the wealthiest in
Asia, by
Forbes Magazine (up from 61st richest in 2004) up one place since a year before. The Mittal family owns a controlling majority stake in
ArcelorMittal, the world's largest steel company.
[11][edit]Causes and charity
ArcelorMittal also has a very active CSR program under which it sets out its path to produce Safe Sustainable Steel. The company also operates the ArcelorMittal Foundation, which provides support to many different community projects around the world in the countries where ArcelorMittal operates.
[edit]Criticism and allegations
Lakshmi Mittal successfully employed
Marek Dochnal's consultancy to influence Polish officials in the privatization of PHS steel group, which was Poland's largest. Dochnal was later arrested for bribing Polish officials on behalf of Russian agents in a separate affair.
[13]In 2007, Polish government said it wants to renegotiate the 2004 sale to Arcelor Mittal.
[14][edit]Slave-labour allegations
Employees of Mittal have accused him of "slave labour" conditions after multiple fatalities in his mines.
[15] During December 2004, twenty-three miners died in explosions in his mines in
Kazakhstan caused by faulty gas detectors.
[edit]The Mittal Affair: "Cash for Influence"
Main article:
Mittal AffairControversy erupted in 2002 as
Plaid MP Adam Price exposed the link between UK prime minister
Tony Blair and Mittal in the
Mittal Affair, also known as 'Garbagegate' or
Cash for Influence.
[16][17][18] Mittal's LNM steel company, registered in the
Dutch Antilles and maintaining less than 1% of its 100,000 plus workforce in the UK, sought Blair's aid in its bid to purchase
Romania's state steel industry.
[18] The letter from Blair to the Romanian government, a copy of which Price was able to obtain, hinted that the privatisation of the firm and sale to Mittal might help smooth the way for Romania's entry into the
European Union.
[16]The letter had a passage in it removed just prior to Blair's signing of it, describing Mittal as "a friend."
[19][edit]Queens Park Rangers
Recently, Mittal had emerged as a leading contender to buy and sell
Barclays Premiership clubs
Wigan and
Everton. However on 20 December 2007 it was announced that the Mittal family had purchased a 20 per cent shareholding in
Queens Park Rangers football clubjoining
Flavio Briatore and Mittal's friend
Bernie Ecclestone.
[20] As part of the investment Mittal's son-in-law, Amit Bhatia, took a place on the board of directors. The combined investment in the struggling club sparked suggestions that Mittal might be looking to join the growing ranks of wealthy individuals investing heavily in English football and emulating other similar benefactors such as
Roman Abramovich.
[21]On 19 February 2010,
Flavio Briatore resigned as QPR chairman, and sold further shares in the club to Mittal, making Mittal the single largest shareholder.
[22][edit]Environmental damage
Mittal purchased the Irish Steel plant based in Cork from the government for a nominal fee of £1. Three years later in 2001, it was closed, leaving 400 people redundant. Subsequent environmental issues at the site have been a cause for criticism. The Government tried to sue in the High Court to have him pay for the clean-up of Cork Harbour but failed. The clean up was expected to cost €70m.
[23][edit]Personal life
Mittal bought No.6 Palace Greens, Kensington Gardens, formerly owned by financier
Noam Gottesman, at £117 million for his son
Aditya Mittal who is married to
Megha Mittal owner and director of the Board of the German fashion luxury brand
Escada.
Mittal bought No.9a Palace Greens, Kensington Gardens, formerly the Filipino embassy, at £70 million in 2008 for his daughter
Vanisha Mittal Bhatia who is married to
Amit Bhatia a businessman and a
philanthropist.
Mittal owns three prime properties collectively worth £500 million on the "Billionaire's Row" at Kensington Palace Gardens.
[27]Mittal also owns a house called Summer Palace at 46B,
The Bishops Avenue, which is dubbed as "Millionares Row" and is reportedly for sale at £40 million.
In 2005, he also bought a colonial bungalow for $7.5 million at No.22,
Aurangzeb Road in New Delhi, India, the most exclusive street in the city occupied by embassies and millionaires, and rebuilt it as a house.
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