LAKSHMI MITTAL

Forbes Lists #21 Billionaires #2 in India #47 Powerful People Net worth us $ 20.7 b (31-3-2012)

Chairman, Arcelor Mittal Age: 62 Source of Wealth: Steel Residence: London, United Kingdom Country of Citizenship: India Education: Bachelor of Arts / Science, St Xavier's College Calcutta

Birth Date: 15-06-1950 in sadulpur Rajashan. His family moved from Rajasthan to Calcutta in West Bangal. Until 90s . Familys main business in India were a cold- rolling mill for sheet steels in Nagpur & an alloy steels plant near pune. His Father name is Mohan Lal Mittal run steel business Nippon Denro Ispat.

Mittal owns 41 percent of Arcelor Mittal and holds a 34 percent stake in the Queen Park Rangers F.C. football team. He is the wealthiest person in Britain. His house in Kensington, bought in 2003 for $128 million is the most expensive house ever purchased. He also paid upwards of $55 million to host his daughter's wedding celebration in Versailles in 2004.

How Lakshmi Mittal Created Arcelor Mittal Steel and became a Billionaire
In Calcutta, where his father gained employment in a small British steel company. This gave the family the brevity to set up their own business, but it turned out to be quite challenging and tough.

Mittal joined the family's company "Ispat" and that marked the turning point of his life.
Mittal went solo and founded the company, LNM Group in 1976 at the age of 26 which situated in Indonesia, producing 26,000 tonnes and generating annual profit of $1m.

Con..
He soon realized that to become a major player in the steel market, his steel would have to go global. He became a global steel producer with operations in 14 countries. He has created Mittal Steel in 2004 via a takeover of his private company, LNM by his public one; Ispat. Mittal Steel became the largest steelmaker in the world, with shipments of 42.1 million tons of steel and profits of over $22 billion in 2004.

Con..
In 2006, at the age of 58, Lakshmi Mittal beat all European establishments to acquire Arcelor Steel, a company created through a merger of firms from Spain, France, Luxembourg and Belgium. Arcelor chairman, Guy Dolle, was forced to swallow his words after controversially dismissing Mittal Steel as a company of Indians paying with monkey money. After a long drawn battle, Arcelor's shareholders decided to sell out despite opposition to the deal from politicians including former French President Jacques Chirac. Today, ArcelorMittal employs 300,000 people in 60 countries

STRATEGIES
consolidation strategy
The combining or merging of elements to perform a common or related function.
Arcelor Mittal was created through the merger of Arcelor and Mittal Steel in 2006. Siderurgica del Balsas (Mexico) in 1992, Sidbec (Canada) in 1994, Karmet (Kazakhstan) and Hamburger Stahlwerke (Germany) in 1995, Thyssen Duisburg (Germany) in 1997,

Inland Steel (US) in 1998, Unimetal (France) in 1999, Sidex (Romania) and Annaba (Algeria) in 2001, Nova Hut (Czech Republic) in 2003, BH Steel (Bosnia), Balkan Steel (Macedonia), PHS (Poland) and Iscor (South Africa) in 2004, ISG (US), Kryvorizhstal (Ukraine), as well as a significant interest in Hunan Valin Steel (China) in 2005, Stelco Inc. subsidiaries (Canada) in 2006. Arcelor was created in February 2002 through the merger of Arbed (Luxembourg) founded in 1911,

Growth strategy
A strategy based on investing in companies & sectors which are growing faster than their peers.
In 2007 the newly merged ArcelorMittal continued to pursue an expansive growth strategy, with 35 transactions announced worldwide. In 2008 ArcelorMittal continued to make investments, with significant transactions announced in Australia, Brazil, Canada, Costa Rica, France, Russia, South Africa, Sweden, Turkey, United Arab Emirates, the US and Venezuela, the majority of which were completed.

Conti..
Post-crisis, ArcelorMittal has cautiously restarted certain projects to capture growth in key emerging markets and mining. Capital expenditure on mining doubled in 2011 to almost US$1.3 billion, as the group embarked on a major development programme aimed at expanding existing mines and developing new ones.

SUPPLY CHAIN STRATEGY

Their procurement structure has three levels: global, regional and local. Supply chain activities are supported by their own shared service centers, Shipping and logistics service supports their steel and mining operations, and is an integral part of entire supply chain, helping to deliver raw materials to their plants around the world and steel products to customers.

Conti..
Lakshmi Mittal has also invested in shipping and rail to cut transport costs. The only part of the supply chain that remains outside his control is oil and gas

Contribution
In 2002, Lakshmi Mittal Niwas & Usha Mittal Foundation & government of Rajasthan Partnered together to establish a university named LNM INSTITUTE OF INFORMATION TECHNOLOGY (LNMIIT) in Jaipur as an autonomous non profit organization. The university will provide quality education having research focus, so that students graduating out of the Institute can make significant contributions to the industries and society.

AWARDS
He is awarded by Forbes Lifetime Achievement in 2008.

Padma Vibhushan in the year 2007.

Grand Cross of Civil Merit in 2007. European Businessman of the Year 2004.

Entrepreneur of the Year 2004.

Steel maker of the Year 1996.

Just as every successful entrepreneur is expected to face criticism, Lakshmi Mittal has attracted criticism.
Lakshmi Mittal lost $10.4 billion in the past year, more than anyone else in the world, ArcelorMittal, the world's largest steelmaker, tanked due to surging costs and tepid demand in Europe .

Conti.
191 people have died in accidents in the past 12 years at his Kazakhstan operations, where campaigners argue that more money should have been spent on safety measures. The company has strongly rejected allegations of negligence, but later earmarked an extra $1.2bn for improvements.

Conti.
In Britain, Lakshmi Mittal has donated to the Labour party but ran into controversy in 2001 when he gave the party 125,000 just before the general election, allegedly in exchange for a letter from Tony Blair to the Romanian government supporting his bid for a Romanian steel plant. Both denied the allegation.

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