Lakshmi Mittal Net Worth: Chairman of ArcelorMittal

Lakshmi Mittal is one of the wealthiest business tycoons, not just here in India, but we are talking on the global stage, for instance, his influence on the steel industry is insane. Currently, he occupies the position of the Executive Chairman of ArcelorMittal, which holds the position of the second largest steel-making company in the world, you know? His incomparable contributions have branded him the “King of Steel.” And sure, his estimated net worth of $16.7 billion places him as one of the richest in India as well as in the world. With all that said, you now might be feeling super intrigued to know about him a little more, and that’s why we are taking a quick look at his life story, and here we go.

Early Life and Family Background

Born on the 15th of June 1950 in Sadulpur, in the Indian state of Rajasthan, Lakshmi Mittal belonged to a traditional Marwari Hindu business family. And just so you know, his father, Mohanlal Mittal, was the owner of a steel company called Nippon Denro Ispat. Talking about his early education background, so, he graduated from St. Xavier’s College in Kolkata with a B.Com and the family’s business was a big influence in his study sessions, which gave him kind of a push which he needed to go to the steel industry in the future.

The Beginning of His Steel Journey

If you know just a little bit about his background, so, you may know that Lakshmi Mittal’s journey in this steel business started in 1976, then he established his first steel company in Indonesia as he did not see much potential in India as a result of the government policies that hindered his progress in the steel industry for that time, you know? And then, of course, the establishment of the Indonesian steel plant was just the first step in his quest for success.

Down the line though, in 1989, he purchased the failing steelworks in Trinidad and Tobago and turned them into a successful venture. Likewise, in 1995 he acquired the Irish Steel Corporation which, unfortunately, had to be closed down. Yet, the experience gained by restorative steps became invaluable, so, all in all, on an incremental basis, he acquired more steel companies the world over, increasingly fine-tuning their efficiency and profitability.

The Formation of ArcelorMittal

Though, a big point of change in Lakshmi Mittal’s journey occurred in 2006 when he obtained the steel giant Arcelor, which is one of the most important companies in Europe, you know? This process was one tough thing because it was a hostile takeover, even so, Lakshmi Mittal was victorious in convincing Arcelor’s shareholders to opt for his offer rather than the merger with another competitor, and that kinda worked for him. Eventually, he managed to convince them, thus ArcelorMittal was born which, as of that time, became the largest producer of steel across the world.

Net Worth and Wealth Journey

Lakshmi Mittal’s wealth has been subject to considerable fluctuations, like from the soaring heights of $45 billion during his prime year of 2008 which incidentally placed him among the most affluent individuals around the globe, to a level point in the years that followed. Generally speaking, he has a significant stake in ArcelorMittal (13.69%) and is also involved in some other ventures like Aperam which is a stainless steel company from Luxembourg. Right now though, Forbes’ 2024 estimate indicates a net worth of $16.7 billion for Lakshmi Mittal.

Philanthropy and Social Contributions

Not just in the business landscape, Lakshmi Mittal is also involved in various social causes effectively demonstrating his cultural philanthropy, you know? But like what? Well, his motivating business was the establishment of the Mittal Champions Trust, where $9 million is pledged to be a stake for Indian sportsmen, including the life-changing donation of ₹1.5 crores made to Olympic medalist Abhinav Bindra. Further, he donated a staggering £15 million to Great Ormond Street Hospital, the biggest private payment which was thus far unknown to the world, you know?