Lakshmi Mittal Biography: Building a Global Steel Empire
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- July 11, 2025
Lakshmi Mittal, born June 15, 1950, in Sadulpur, Rajasthan, is the chairman of ArcelorMittal, the world’s second-largest steelmaker. Known as the “Steel King,” he transformed failing mills into a global empire. This Lakshmi Mittal biography dives into his early life, career growth, struggles, comeback, current influence, and lesser-known facts, showcasing his lasting impact.
Lakshmi Mittal’s Early Life
Rajasthan Roots
Born into a Marwari Hindu family, Lakshmi Mittal grew up in Sadulpur, Rajasthan. His father, Mohanlal Mittal, ran a modest steel business, Nippon Denro Ispat. In the 1960s, the family moved to Kolkata, where Lakshmi attended Shri Daulatram Nopany Vidyalaya from 1957 to 1964, excelling in academics.
Education at St. Xavier’s
Mittal graduated with a B.Com degree from St. Xavier’s College, Kolkata, in 1970, earning top honors. While studying, he worked at his father’s steel mill, learning the industry’s ropes. His early exposure to steelmaking sparked his ambition to build a global business.
Lakshmi Mittal’s Career Growth
First Venture in Indonesia
In 1976, at 26, Lakshmi Mittal launched PT Ispat Indo in Indonesia due to India’s restrictive steel policies. He turned this small factory into a profitable venture, setting the stage for his global expansion. By the 1980s, he began acquiring distressed steel mills worldwide.
Creating ArcelorMittal
Mittal’s “Mittal Model” involved buying failing plants and reviving them. In 2004, he merged Ispat International and LNM Holdings with International Steel Group, forming Mittal Steel. In 2006, a $33 billion merger with Arcelor created ArcelorMittal, the world’s largest steelmaker by 2007, producing 10% of global steel.
Struggles and Down Phases
Financial and Legal Battles
The 2008 financial crisis hit ArcelorMittal hard, slashing its net income from $9.3 billion in 2022 to $919 million in 2023 after selling loss-making plants in Kazakhstan and Italy. Additionally, a 2001 “Cash for Influence” scandal involving a £125,000 donation to the UK Labour Party sparked controversy over Mittal’s Romanian steel deal.
Criticism and Setbacks
In 2005, Mittal faced backlash for poor working conditions in Kazakhstan mines, with reports of low wages and safety issues. The 2001 closure of an Irish steel plant left 400 jobless, drawing environmental criticism. Moreover, his failed $5.9 billion Essar Steel acquisition in India faced legal hurdles, delaying his Indian market entry.
Comeback and Rise to Fame
Mittal bounced back by focusing on sustainability and efficiency. ArcelorMittal’s 2025 net income rose to $679 million, driven by global steel demand. His 2019 Essar Steel acquisition with Nippon Steel for $5.9 billion marked a triumphant entry into India. Forbes named him among the top 100 billionaires in 2025, with a net worth of $17.5 billion.
Current Status and Influence
Global Steel Leader
As of July 2025, Lakshmi Mittal serves as ArcelorMittal’s executive chairman, with his son Aditya as CEO. The company’s $24 billion Hazira plant in Gujarat, set for 2026, aims to make India self-reliant in steel. Mittal’s focus on green hydrogen and decarbonization leads the industry’s sustainability efforts.
Personal Life and Philanthropy
Married to Usha since 1973, Mittal has two children, Aditya and Vanisha. Living in London, he owns properties like a £70 million Kensington home. His philanthropy includes $15 million to Harvard’s South Asia Institute and £15 million to Great Ormond Street Hospital. He also supports Indian athletes via the Mittal Champions Trust.
Lesser-Known Facts
- Steel Visionary: Turned around Trinidad’s failing plant in one year.
- Football Investor: Owns a 3% stake in Queens Park Rangers.
- Lavish Wedding: Spent $60 million on daughter Vanisha’s 2004 wedding.
- Olympic Art: Funded Anish Kapoor’s 1,500-tonne Olympic Park sculpture.
- Award Winner: Received India’s Padma Vibhushan in 2008.
| Category | Details |
|---|---|
| Full Name | Lakshmi Niwas Mittal |
| Born | June 15, 1950, Sadulpur, Rajasthan, India |
| Profession | Executive Chairman of ArcelorMittal, Philanthropist |
| Notable Work | ArcelorMittal Merger, Essar Steel Acquisition |
| Marital Status | Married to Usha Mittal (1973) |
| Net Worth | ~$17.5 billion (₹146,000 crore, 2025) |
| Awards | Padma Vibhushan (2008), Forbes Lifetime Achievement Award |
Conclusion
This Lakshmi Mittal biography highlights a journey of vision and resilience. From reviving failing mills to leading ArcelorMittal’s global dominance, Lakshmi Mittal overcame crises and controversies to shape the steel industry. His 2025 influence, from Gujarat’s mega-plant to philanthropy, inspires entrepreneurs to blend ambition with social good.
