Lakshmi Mittal | Net worth, Family, Education, Biography & Facts.

Lakshmi Mittal is one of the most influential and successful businessmen in the world. He is the executive chairman of ArcelorMittal, the world’s second largest steelmaking company, as well as the chairman of Aperam, a stainless steel manufacturer. He is also a board member of Goldman Sachs, a co-owner of Queens Park Rangers F.C., and a philanthropist who has donated millions of dollars to various causes. In this post, we will explore his biography, achievements, and net worth.

Quick Information

• Full name: Lakshmi Narayan Mittal
• Date of birth: June 15, 1950
• Age: 73 years 
• Place of birth: Sadulpur, Rajasthan, India
• Citizenship: Indian
• Education: B.Com from St. Xavier’s College, Kolkata
• Spouse: Usha Mittal
• Children: Vanisha Mittal and Aditya Mittal
• Net worth: $18.5 billion (as of January 2024) ¹
• Awards: Padma Vibhushan (2008), Forbes Person of the Year (2006), Time 100 (2007), and many more

Early Life and Education

Lakshmi Mittal was born in a Marwari Hindu family in Sadulpur, a small town in Rajasthan, India. His father, Mohanlal Mittal, ran a steel business, Nippon Denro Ispat. Lakshmi worked at his father’s mill while studying science at Shri Daulatram Nopany Vidyalaya, Calcutta from 1957 to 1964. He then graduated from St. Xavier’s College, Kolkata, with a B.Com degree in the first class in 1970. He was interested in business and entrepreneurship from a young age and decided to pursue his own ventures instead of joining his father’s company.

Career and Achievements

Lakshmi Mittal started his career in 1976, when he opened his first steel factory, PT Ispat Indo, in Sidoarjo, East Java, Indonesia. He learned how to run the factory efficiently and profitably, and soon expanded his operations to other countries. In 1989, he bought the state-owned steel works in Trinidad and Tobago, which were operating at a huge loss, and turned them into profitable enterprises in a year. He followed a similar strategy of acquiring and reviving failing or underperforming steel plants around the world, especially in emerging markets. He also focused on consolidation and innovation in the steel industry, which was fragmented and outdated.

In 2004, he merged his companies, Ispat International and LNM Holdings, and acquired Ohio-based International Steel Group. The newly created company, Mittal Steel Co. NV, became the world’s largest steelmaker. In 2006, he orchestrated another merger with Arcelor, a European steel giant, to form ArcelorMittal, which is currently the world’s second largest steelmaker, after China Baowu Steel Group. ArcelorMittal produces about 90 million tons of steel annually and employs about 168,000 people in 60 countries²

Lakshmi Mittal is also the chairman of Aperam, a spin-off of ArcelorMittal that focuses on stainless steel and specialty alloys. Aperam produces about 2.5 million tons of stainless steel annually and employs about 9,500 people in 14 countries³

Lakshmi Mittal is also a board member of Goldman Sachs, one of the world’s leading investment banks, since 2008. He is also a co-owner of Queens Park Rangers F.C., a football club based in London, since 2007. He is also involved in various industry associations, such as the World Steel Association, the Foreign Investment Council in Kazakhstan, the World Economic Forum, and the European Round Table of Industrialists. He is also a board member of the Cleveland Clinic, a nonprofit academic medical center in Ohio.

Net Worth and Investments

According to Forbes, Lakshmi Mittal’s net worth as of January 2024 is $18.5 billion, making him the 82nd richest person in the world and the 6th richest person in India¹ His main source of wealth is his 38% stake in ArcelorMittal, which is worth about $14 billion. He also owns a 3% stake in Queens Park Rangers F.C., which is worth about $30 million. He also has other investments in real estate, art, and philanthropy.

Lakshmi Mittal owns several luxurious properties around the world, including a 12-bedroom mansion in Kensington Palace Gardens, London, which he bought for a record £70 million ($128 million) in 2004. He also owns a 34% stake in the Leela Palace Hotel in New Delhi, a penthouse in One Hyde Park, London, a villa in St. Moritz, Switzerland, and a bungalow in Mumbai, India. He also has a collection of art works, including paintings by Picasso, Matisse, and Monet.

Lakshmi Mittal is also a generous philanthropist who has donated millions of dollars to various causes, such as education, health, sports, and culture. He has established the Lakshmi Niwas Mittal and Usha Mittal Foundation, which supports initiatives in India and abroad. He has also donated to the London School of Economics, the Harvard University, the Great Ormond Street Hospital, the Rajasthan Chief Minister’s Relief Fund, the PM CARES Fund, and many more. He has also sponsored the Mittal Champions Trust, which supports Indian athletes, and the ArcelorMittal Orbit, a sculpture and observation tower in London.

Family and Sons

Lakshmi Mittal is married to Usha Mittal, whom he met through an arranged marriage in 1976. Usha is also involved in the steel business and is a director of ArcelorMittal. They have two children, Vanisha Mittal and Aditya Mittal. 

Vanisha Mittal is the daughter of Lakshmi and Usha Mittal. She was born in 1980 and graduated from the European Business School in London. She is married to Amit Bhatia, an investment banker and philanthropist, since 2004. They have three children, Arjun, Veer, and Tara. Vanisha is also a director of ArcelorMittal and a trustee of the Lakshmi Niwas Mittal and Usha Mittal Foundation. Her wedding in 2004 was one of the most lavish and expensive weddings in history, costing about $60 million.

Aditya Mittal is the son of Lakshmi and Usha Mittal. He was born in 1976 and graduated from the Wharton School of the University of Pennsylvania with a B.Sc. in Economics. He joined his father’s company in 1997 and rose to become the CFO of ArcelorMittal in 2008. He is also the CEO of ArcelorMittal Europe and the chairman of Aperam. He is married to Megha Mittal, a fashion designer and the owner of Escada, a German luxury brand, since 1998. They have two children, Kshi and Arnav. Aditya is also a director of Goldman Sachs and a trustee of the Lakshmi Niwas Mittal and Usha Mittal Foundation.

Awards and Recognition

Lakshmi Mittal has received numerous awards and recognition for his achievements and contributions to the steel industry and society. Some of the notable ones are:

• Padma Vibhushan, the second highest civilian award in India, in 2008
• Forbes Person of the Year, in 2006
• Time 100, the list of the most influential people in the world, in 2007
• International Newsmaker of the Year, by Time magazine, in 2006
• Business Person of the Year, by The Sunday Times, in 2006
• Person of the Year, by the Financial Times, in 2006
• Entrepreneur of the Year, by The Wall Street Journal, in 2004
• Steelmaker of the Year, by the Association for Iron and Steel Technology, in 1996
• Willy Korf Steel Vision Award, by American Metal Market and PricewaterhouseCoopers, in 1998
• Honorary Doctorate, by the St. Petersburg State Technical University, in 2007
• Honorary Doctorate, by the Rajiv Gandhi Institute of Petroleum Technology, in 2008
• Honorary Doctorate, by the Aston University, in 2014
• Honorary Fellowship, by the King’s College London, in 2014
• Honorary Knight Commander of the Order of the British Empire, by Queen Elizabeth II, in 2003

Conclusion

Lakshmi Mittal is a remarkable and inspiring leader who has transformed the steel industry and created a global empire. He is also a visionary and a philanthropist who has made a positive impact on the world. He is a role model for aspiring entrepreneurs and businessmen who want to achieve excellence and success. He is truly the king of steel.