Steel tycoon Lakshmi Niwas Mittal is the richest Indian in the world, with an estimated wealth of $25 billion. He resides in London, has his company registered in the Netherlands, but still holds an Indian passport. Although Mittal Steel was already the world's biggest steel company, his king-sized ambitions were evident when he took over steel giant Arcelor to create a new steel behemoth -- Arcelor-Mittal.
L N Mittal left India in the mid-1970s to start his career. He was sent to Indonesia by his father to shut down the family's ailing steel plant and sell the land. Instead, young Mittal saw an opportunity and turned the plant around.
To prove that this was no fluke, Mittal acquired a 1.3 million tonne, Iscot Steel plant in Trinidad & Tobago, which was losing $100,000 a day. One year of Mittal-style management and it was making profits, the LN Mittal legend was born. That move helped him get into America.
The Mexican government seeing the success that Mittal made of Iscot, asked him to take over their ailing steel plants in 1992.
But it was not all that smooth. In 1994 Mittal had differences with his brothers and father, and went on to form his own company. The following year Mittal entered the European market, acquiring the 5 million tonne Kazakh steel plant, Karmet.
Meanwhile, Mittal had listed Ispat International on the New York and Amsterdam Stock Exchanges in 1997. Eight years later Mittal Steel became the world's largest steel maker when he took over the US's largest steel producer -- the International Steel Group. He then consolidated all his steel holdings into Mittal Steel.
Photograph: Scott Barbour/Getty Images
Advertisement
