What is Lakshmi Mittal’s net worth?
| net worth: | $18 billion |
|---|---|
| age: | 73 |
| date of birth: | September 2, 1950 |
| gender: | male |
| high: | 1.75 m (5 ft 9 in) |
| country of origin: | India |
| Source of wealth: | entrepreneur |
| Last updated: | July 29, 2024 |
introduce
Lakshmi Mittal is an Indian steel magnate and the chairman and CEO of ArcelorMittal, the world’s largest steel company.
Mittal owns 38% of ArcelorMittal and 11% of Queens Park Rangers football club
As of July 2024, Lakshmi Mittal’s net worth is estimated to be approximately $18 billion.
early life
Lakshmi Niwas Mittal was born on June 15, 1950 in Sadulpur.
From 1957 to 1964, Mittal studied at Shri Daulatram Nopany Vidyalaya in Kolkata.
He graduated with first class honours in Bachelor of Commerce from St. Xavier’s College, Calcutta University.
In 1976, due to restrictions on steel production by the Indian government, 26-year-old Mittal opened his first steel plant, PT Ispat Indo, in Sidoarjo, East Java, Indonesia.
Profession
After completing his education, Lakshmi Mittal enrolled at St. Xavier’s College, Calcutta University and obtained a Bachelor of Commerce degree.
After graduation, he joined the family business but never imagined that he would lead a conglomerate like ArcelorMittal.
His father, Mohanlal Mittal, ran a steel company called Nippon Denro Ispat and opened a steel plant in Indonesia in 1976.
Due to restrictions on steel production by the Indian government, Mittal opened his first steel plant outside India.
Sourcing from steel mills around the world
Mittal then acquired the state-owned steel mill in Trinidad and Tobago in 1989 and turned it into a profitable enterprise within a year.
Until the 1990s, the family’s main assets in India included a cold rolling mill in Nagpur and an alloy steel plant near Pune.
Mittal’s brothers Pramod Mittal and Vinod Mittal run the family business in India, while he manages the UK-based company.
In a surprise deal in 1995, Mittal “purchased” the Irish steel mills from the government for a symbolic price of just 1 Irish pound.
Six years later, in 2001, the Cork plant closed, sparking criticism and environmental concerns, but Mittal had moved on.
Entering Central America
He acquired the assets of Ispat Mexicana and Ispat Karmet by December 2001 and Sidex Galati in November 2001.
In December of the same year, the company was renamed Ispat Sidex, and two years later, he launched another asset acquisition campaign.
In October 2003, Mittal’s LNM Group acquired steel assets from the Romanian and Polish governments on favorable financial terms.
As part of the Romanian takeover, Petrotub Roman was renamed Ispat Tepro, and Mittal reportedly used the consulting of Marek Dochnal to influence Polish officials.
Hostile Takeover
In 2006-2007, Mittal successfully launched a hostile takeover of Arcelor, renamed the company ArcelorMittal, and acquired steel assets across Europe.
The 2002 “Mittal affair” involved the controversy surrounding Tony Blair and his apparent support for Mittal’s takeover of Romania’s state-owned industry.
The wild swings in Mittal’s net worth are well documented.
In 2016, Forbes ranked him the 135th billionaire.
However, Mittal’s net worth is said to have peaked in 2008, making him one of the richest men in the world at the time.
Funding Harvard University
Mittal’s philanthropy includes a $1 billion donation in 2010 to establish the Lakshmi Mittal South Asia Institute at Harvard University.
He is currently Chairman and CEO of ArcelorMittal, the world’s largest steel company, headquartered in the UK.
Under Mittal’s leadership, ArcelorMittal achieved global expansion of its business and made significant investments in Asia, Europe and the Americas.
He has received numerous awards and honours, including the 2008 Padma Vibhushan, India’s second-highest civilian award.
Lakshmi is known for her strategic vision and ability to easily handle the complex negotiations required for international business agreements.
Mittal’s acquisitions and mergers have reshaped the global steel industry, making ArcelorMittal a key player and a threat to existing players.
Like Warren Buffett and François Pinault, Mittal is uniquely positioned to influence world markets through his strategic business investments.
Criticism and legal challenges
However, he has faced intense criticism and legal challenges over environmental issues and labor practices in parts of ArcelorMittal’s operations.
Mittal’s leadership style, which emphasized innovation, efficiency and sustainability in steel production, drove the continued growth of his business empire.
He invests in R&D to enhance ArcelorMittal’s technological capabilities and environmental performance worldwide.
But Mittal’s influence extends far beyond the steel industry, with investments in real estate, technology and other consumer goods.
Buy a football team
Mittal is one of the leading contenders to buy and sell Everton and Wigan in the Barclays Premier League.
In 2007, it was revealed that the Mittal family had acquired a 20% stake in Queens Park Rangers football team, with Mittal’s close friends Bernie Ecclestone and Flavio Briatore joining the team.
Mittal’s son-in-law, Amit Bhatia, joined the board as a result of the investment and is responsible for managing investments for the family.
The joint investment in the financially troubled team sparked rumours that Mittal was considering following in the footsteps of other wealthy donors.
Multimillionaires such as Roman Abramovich are another group of wealthy investors who have poured large sums into England’s richest football team.
On 19 February 2010, Briatore resigned as chairman of QPR and sold more shares in the club to Bernie, making him the largest single shareholder.
Lakshmi Mittal Net Worth
As of July 2024, Lakshmi Mittal’s net worth is $18 billion.
emphasize
Here are some highlights from Lakshmi Mittal’s career:
- Chairman and CEO, ArcelorMittal
- “Person of the Year” Award (2008)
- Member of Goldman Sachs (2008)
Lakshmi Mittal’s favorite quotes
“We have gone through several cycles over the past two decades and we have always been able to make acquisitions at the right time and on favorable terms and conditions. This has enabled us to build a solid group that is now number one in the world.” – Lakshmi Mittal
“The Torch Relay perfectly embodies everything the Olympic Games represent – a celebration of the human spirit. For me personally, it represents striving to be the best at whatever you do, never giving up no matter how hard it gets, and a commitment to health and fitness.” – Lakshmi Mittal
“Hard work definitely goes a long way. A lot of people work really hard these days, so you have to make sure you work harder and commit yourself to what you are doing and what you are trying to achieve.” – Lakshmi Mittal
“I’m not one to set very high goals, and as we move forward in life, my goals keep changing. I always take a step forward. Always take a small step forward, you get stronger, you gain confidence, and then you change your goals again.” – Lakshmi Mittal
3 important lessons from Lakshmi Mittal
Now that you know about Lakshmi Mittal’s net worth and how he achieved his success; let’s look at some of the lessons we can learn from him:
1. Hard work will bring long-term results
A lot of people are working really hard these days, so you have to make sure you work even harder and commit yourself fully to what you are doing and what you are trying to achieve.
2. Strong players
Strong players with sufficient critical mass can better withstand pressure and create a more stable environment that benefits shareholders and employees.
3. Hard times
Everyone goes through hard times. How you face them and overcome them is a measure of your determination and dedication.
Frequently Asked Questions
How much is Lakshmi Mittal worth?
Lakshmi Mittal’s net worth is estimated at $18 billion.
How old is Lakshmi Mittal?
Lakshmi Mittal was born on September 2, 1950 and is 73 years old.
How tall is Lakshmi Mittal?
Lakshmi Mittal’s height is 1.75 meters, which is equivalent to 5 feet 9 inches.
Summary
Lakshmi Mittal is the Chairman and CEO of ArcelorMittal, the world’s largest steel company.
Mittal started his own steel business in Indonesia, eventually forming ArcelorMittal and turning it into one of the most successful companies in the world.
As of July 2024, Lakshmi Mittal’s net worth is approximately $18 billion.
What do you think about Lakshmi Mittal’s net worth? Leave a comment below.
Categories: Net Worth
Source: svlsf.edu.vn