Lakshmi Mittal: Early Life, Accomplishments, Philanthropy

Lakshmi N. Mittal is the executive chairman of ArcelorMittal, the world's largest steel and mining manufacturer. He previously served as the company's chief executive officer (CEO). 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. Mittal is a citizen of India and resides in the United Kingdom.

Early Life and Education

Lakshmi Mittal was born in Sadulpur, Rajasthan, India in 1950. The family moved to the other side of the country. It was in their new home of Kolkata that Mittal's father opened up a steel mill.

Mittal worked at the mill while studying at St. Xavier’s College. He graduated with a bachelor of commerce degree in 1970 and continued working in the steelmaking business in India after completing his studies.

In 1976, he moved to Indonesia where he established his own steel company. This company would eventually become ArcelorMittal, one of the world's largest steel producers.

Notable Accomplishments

As noted above, Mittal started his own steel company in Indonesia in 1976. The company, called PT Ispat Indo, operated a greenfield steel manufacturing plant. 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. Two years later, Mittal Steel, which was part of his father's company, merged with European steel producer, Arcelor. The newly formed company would assume the name ArcelorMittal in 2007.

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.

The company reported operating income of $10.3 billion for the 2022 fiscal year. Sales came in for the year at $79.84 billion. That's an increase from the $76.57 reported in the previous year.

Wealth and Philanthropy

Lakshmi Mittal is among the world's wealthiest people. According to Forbes, his net worth was $16.4 billion as of June 2023. He's the 93rd richest person in the world and the 15th wealthiest person in India to date.

The billionaire is also a philanthropist. He made significant donations to Harvard University, where he is a member of the Global Advisory Council. He's also given money to UNICEF to address child malnutrition in India. The Mittal family 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.

Honors and Awards

Lakshmi Mittal 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. He was 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, he received a Doctor Honoris Causa from the AGH University of Science and Technology in Krakow, Poland.

Legacy

Lakshmi Mittal serves on advisory councils around the world. He 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, and the World Economic Forum’s International Business Council.

Mittal is also on the executive committee of the World Steel Association, the European Round Table of Industrialists, and the Indian School of Business. He is a member of the Board of Trustees of Cleveland Clinic.

Personal Life

Lakshmi Mittal is married to Usha Mittal. The two have two children. He ceded his position as CEO of ArcelorMittal to his son, Aditya, in February 2021. His daughter, Vanisha Mittal Bhatia, is a non-independent director of the company.

The Bottom Line

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