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Born : 2 September 1950 (age 59), Sadulpur, Rajasthan, India
Residence : London, United Kingdom
Occupation : Chairman & CEO of ArcelorMittal
Lakshmi Niwas Mittal is an Indian steel tycoon,philanthropist, and the chairman and chief executive officer of ArcelorMittal.
As of July 2010, Mittal is the richest man in Europe and the fifth richest in the world with a personal wealth of US$28.7 billion or £19.3 billion. The Financial Times named Mittal Person of the Year in 2006. In May 2007, he was named one of the "100 Most Influential People" by Time magazine.
He serves as a non-executive director of Goldman Sachs, EADS and ICICI Bank and is presently the vice
chairman of theWorld Steel Association. Mittal is a member of the Foreign Investment Council in Kazakhstan, the International Investment Council in South Africa, the World Economic Forum’s International Business Council and the International Iron and Steel Institute’s Executive Committee. He is a member in the Advisory Board of the Kellogg School of Management.
Early life
He was born in Sadulpur village, in the Churu district of Rajasthan, India. Lakshmi Nivas Mittal was born into a business family of Rajasthan. He comes from a wealthy Indian steel family - his father, Mohan Lal Mittal, ran a steel business, Nippon Denro Ispat. Until the 1990s, the family's main assets in India were a cold-rolling mill for sheet steels in Nagpur and an alloy steels plant near Pune. Today, the family business, including a large integrated steel plant near Mumbai, is run by Lakshmi's brothers, Pramod and Vinod, but Lakshmi has no connection with it.
Mittal started his career working in the family's steelmaking business in India, and in 1976, when the family founded its own steel business, he set out to establish its international division, beginning with the buying of a run-down plant in Indonesia. Shortly afterwards he married Usha, the daughter of a well-to-do moneylender. In 1976, due to differences with his father, mother and brothers, he branched out on his the LNM Group, and he has been responsible for the development of its businesses ever since. Mittal Steel is a global steel producer with operations in 14 countries.
Mittal pioneered the development of integrated mini-mills and the use of direct reduced iron or "DRI" as a scrap substitute for steelmaking and led the consolidation process of the global steel industry. Mittal Steel is the largest steelmaker in the world, with shipments of 42.1 million tons of steel and profits of over $22 billion in 2004.
Mittal was awarded Fortune magazine's "European Businessman of the Year 2004" and also "Steelmaker of the Year" in 1996 by New Steel, and the "Willy Korf Steel Vision Award" in 1998, for outstanding vision, entrepreneurship, leadership and success in global steel development from American Metal Market and PaineWeber’s World Steel Dynamics. In 2002, he was involved in a political scandal with British Prime Minister Tony Blair, when a donation he made to the Labour party led to Blair's intervention in a business deal favoring Mittal. It was announced later that he donated £2 million to the Labour Party.Also conducting charitable activity at his home town
Family
The Telegraph quotes:
In London, the Mittal patriarch, Mohan Lal Mittal, tends to live in Mayfair with his son, Pramod, while Lakshmi is due to shift to his new house, said to be the world’s most expensive private residence, in Kensington Palace Gardens.
Many years ago, Mohan Lal had differences with his brother and conceded ownership of small steel mills his father had set up after moving to India from Pakistan at the time of partition. In time, Mohan Lal set up Ispat in Calcutta and eventually sent Lakshmi to Indonesia to begin Ispat International, which has now been subsumed into the newly created behemoth, Mittal Steel Company.
Lakshmi and Pramod have been seen once together at a charity auction in London, otherwise few can remember the brothers turning up at Asian functions together as is the style with the much more closely knit Hinduja brothers.
Pramod is hardly known in the Asian community compared with his affable and personally charming elder brother. A well-informed business source in London said of the alleged differences between Lakshmi and Pramod: “This is nothing new. The father (Mohan Lal) is trying to cement relations between the two.”
Personal and growing wealth
In 2010, Forbes magazine listed Mittal the world's fifth richest person with personal wealth of US$28.7 billion. His wealth has grown by over US$9 billion compared to 2009 and is up 3 places in the Forbes ranking.
In 2009, Forbes magazine listed Mittal the world's eighth richest person with personal wealth of US$19.3 billion.
In 2008, Mittal was reported to be the fourth wealthiest person in the world, and the wealthiest in Asia, by Forbes Magazine (up from 61st richest in 2004) up one place since a year before. The Mittal family owns a controlling majority stake in ArcelorMittal, the world's largest steel company.
Personal Life
He presently lives in Kensington, London. His residence at 18-19 Kensington Palace Gardens which was purchased from Formula One boss Bernie Ecclestone in 2004 for £57 million (US$128 million), making it the world's most expensive house at the time. Mittal's house in Kensington, London is decorated with marble taken from the samequarry that supplied the Taj Mahal. The extravagant show of wealth has been referred to as the "Taj Mittal" It has 12 bedrooms, an indoor pool, Turkish baths and parking for 20 cars.
Mittal bought No.6 Palace Greens, Gardens, formerly owned by financier Noam Gottesman, at £117 million for his son Aditya Mittal.
Mittal bought No.9a Palace Greens, Kensington Gardens, formerly the Filipino embassy, at £70 million in 2008 for his daughter Vanisha Mittal Bhatia.
Mittal owns three prime properties collectively worth £500 million on the "Billionaire's Row" at Kensington Palace Gardens.
A property at 21 Curzon Street in Mayfair was purchased as a wedding present for his daughter Vanisha Mittal with Amit Bhatia and was kitted out at a cost of £8m by Candy and Candy. The 26,000-square-feet house has an attached mews house which contains a full-size squash court and a night club.
Mittal also owns a house called Summer Palace at 46B, The Bishops Avenue, which is dubbed as "Millionares Row" and is reportedly for sale at £40 million.
In 2005, he also bought a colonial bungalow for $7.5 million at No.22, Aurangzeb Road in New Delhi, India, the most exclusive street in the city occupied by embassies and millionaires, and rebuilt it as a house.
Honors and awards
2007: He was awarded Padma Vibhushan 'second in the hierarchy of civilian awards' by the President of India.
2007: He was awarded Dwight D. Eisenhower Global Leadership Award, Grand Cross of Civil Merit from Spain and "Fellowship from King's College".
2006: He was awarded International Newsmaker of the year by Time Magazine and the "Person of the year 2006" by Financial Times.
2004: He was awarded by Fortune magazine - European Businessman of the Year.
1998: Willy Korf Steel Vision Award - American Metal Market and PaineWeber’s World Steel Dynamics.
1996: Steelmaker of the Year - New Steel.
2010: "Dostyk" 1. Republic of Kazakhstan.
 
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