(Net worth: $28.7 billion) -Steel,India
Lakshmi Nivas Mittal (born 15 June 1950) is an Indian nationality, steel tycoon and the chairman and chief executive officer of ArcelorMittal, the world’s largest steelmaking company.
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 is a board council member of the Prime Minister of India's Global Advisory Council of Overseas Indians.[4] He serves as a non-executive director of Goldman Sachs, EADS and ICICI Bank[5] and is presently the vice chairman of the World 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 and is part of St. Xavier's College, Calcutta Alumni Association, London Chapter.
He was brought up in Sadulpur village, in the Churu district of Rajasthan, India. Lakshmi Nivas Mittal was born into a Marwari 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 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
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
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