Lakshmi Mittal is the chairman of ArcelorMittal. This is the largest steel and mining company by output. The company generates over $80 billion in revenues.
Lakshmi Mittal has an estimated net worth of $17.5 billion. He earned a B.Com degree from St. Xavier’s College. When Lakshmi was 26, he opened a steel factory in Indonesia.
His family was always in the steel business. However, he branched off to start Mittal Steel. In 2006, he merged his company with Arcelor to become Arcelor-Mittal which he owns 37 percent stake.
ArcelorMittal generated $9.3 billion in revenues in 2022. This was an under-performance compared to $15 billion generated in 2021. This lower revenues was due to the disruptions in transport due to the conflict in Ukraine. He also owns steel assets in France (Usinor), Luxembourg (Arbed) and Spain (Aceralia).
In 1995, Laksma Mittal purchased Irish Steel Plant based in Cork from the Irish government. The plant was closed just six years later.
In 2019, Nippon Steel and Arcelor acquired Essar Steel in the past controlled by Ravi Ruia and Shashi.
Lakshmi Mittal also owns 41% of stainless steel company known as Aperam. He also owns real estate properties.
Mittal owns steel properties in Kazakhstan (Ispat Karmet).
In 2021 Mittal stepped down as CEO and his son Aditya Mittal took over as the new CEO. He remained the executive chairman of the company.
Lakshmi Mittal is not new to controversies, in December 2004, it was alleged that 23 miners died in explosions in his mines in Kazakhstan which was caused by faulty gas detectors.
Lakshmi Mittal car collection
Lakshmi Mittal owns a fleet of more than 20 cars. Interestingly, he owns an motor home which is known as “Palace on wheels”. It has a bedroom, a living room, a garage and a bathroom.
Lakshmi Mittal owns a fleet of 20 high end cars among them:
– Mercedes Benz S Class:
– Bentley Continental GT: ($214,000)- 542 hp, 3996 cc; V8 engine,
– Tesla Model S:
– Porsche Boxster (275 km/h; two luggage compartments; six cylinders;
- Mercedes Benz C Class:
In addition to the above fleet of cars, Lakshmi Mittal owns a private jet, Gulfstream 550 which he acquired for a price of $38 million. It is powered by a Rolls Royce 710 turbofan engines.
Mittal owns two Yachts named Ameni and Gizmo-Laden.
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