Who Is Lakshmi Mittal?

Lakshmi N. Mittal is executive chairman of ArcelorMittal, the world's largest steel and mining manufacturer. He previously served as chief executive officer of ArcelorMittal. One of the world's prominent billionaires, Mittal is known as a global businessman who serves on the boards of various advisory councils, and as a philanthropist engaged in the fields of children's health and education. Lakshmi Mittal is a citizen of India and resides in the United Kingdom.

Key Takeaways

  • Lakshmi Mittal is an Indian citizen and billionaire.
  • Mittal is recognized for restructuring the steel industry into a consolidated and globalized model.
  • He was awarded a Doctor Honoris Causa by the AGH University of Science and Technology in Krakow, Poland.
  • Lakshmi Mittal sits on the board of Goldman Sachs.
Lakshmi Mittal

Alison Czinkota / Investopedia

Early Life and Education

Lakshmi Mittal was born in Sadulpur, India in 1950. He graduated from St. Xavier’s College in Kolkata, India in 1970 where he received a bachelor of commerce degree. Having completed his education, Mittal began his career in his family’s steelmaking business in India before establishing his own steel company in 1976.

ArcelorMittal

In 1976, Lakshmi Mittal founded a small company in Indonesia that would eventually become ArcelorMittal with operations in 17 countries. Focusing on global consolidation, Mittal acquired and integrated steel companies globally. In 2004, the Mittal Steel Company was formed after merging its companies, Ispat International and LNM Holdings, and acquiring the U.S. Ohio-based International Steel Group, leading Mittal Steel to control 40% of the market for flat-rolled steel in America. In 2006, Mittal Steel merged with Arcelor to form ArcelorMittal, currently the world's largest steel manufacturer.

ArcelorMittal maintains operations that produce a wide range of steel for the mobility, construction, infrastructure, industrial, and energy sectors. At research centers stationed around the world, new steel products, processes, and solutions are envisioned, tested, improved, and deployed. ArcelorMittal is intensifying its commitment to decarbonize, recognizing that steel can make a significant contribution toward net-zero emissions. In 2021 the company posted a net income of nearly $15 billion and it expects its steel shipments in 2022 to grow by 3%.

Notable Accomplishments

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

Wealth and Philanthropy

Lakshmi Mittal is an active philanthropist and has made significant gifts to Harvard University, where Mittal is a member of the Global Advisory Council, and UNICEF to specifically address child malnutrition in India. The Mittal family has also contributed to the Great Ormond Street Hospital in the United Kingdom, supporting the Mittal Children’s Medical Centre which formally opened in January 2018.

Serving on advisory councils around the world, Lakshmi Mittal is a member of the Foreign Investment Council in Kazakhstan, the National Investment Council of Ukraine, the Global CEO Council of the Chinese People’s Association for Friendship with Foreign Countries, the World Economic Forum’s International Business Council, the World Steel Association’s Executive Committee, the European Round Table of Industrialists, the Indian School of Business and is a member of the Board of Trustees of Cleveland Clinic.

In How Many Countries Does ArcelorMittal Manufacture Steel?

ArcelorMittal has steelmaking facilities in 17 countries, an industrial presence in 59 countries, and operations spanning Africa, the CIS, Europe, North and South America.

Where Did Lakshmi Mittal Begin His Career?

After completing his education, Mittal worked for his family's steel making business in India before establishing his first small steel company in Indonesia.

Where Did Lakshmi Mittal Attend School?

Lakshmi Mittal attended St. Xavier's College in Kolkata, India and received a bachelor of commerce degree.

What Is Lakshmi Mittal's Net Worth?

As of 2021, Lakshmi Mittal was the 6th wealthiest person in India. His net worth in 2022 is estimated at $18.5 billion.

The Bottom Line

Lakshmi Mittal founded a small steel company in Indonesia which grew to become ArcelorMittal, the largest steel manufacturing company in the world. Mittal is viewed as a leader in the steel industry and is an active member of business and advisory councils around the world.

Article Sources

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  1. ArcelorMittal "Lakshmi N. Mittal."

  2. ArcelorMittal. "Strategy."

  3. Recycling Today. "ArcelorMittal books nearly $15 billion in profits."

  4. Forbes. "Lakshmi Mittal."

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