Lakshmi Niwas Mittal, born on June 15, 1950, in a Marwari Hindu family in Calcutta, India, is a prominent figure in the global steel industry. His father, Mohan Lal Mittal, ran a steel business called Nippon Denro Ispat. Mittal graduated from St. Xavier’s College with a Bachelor of Commerce (B.Com) degree, setting the stage for his future endeavors in the steel sector.

Family Life

Lakshmi Niwas Mittal is married to Usha Dalmia, and they have two children: a son named Aditya and a daughter named Vanisha. The Mittal family is known for their close-knit relationships and involvement in various philanthropic activities.

Career Highlights

Mittal’s journey in the steel industry began in 1976 when he opened his first steel factory in Indonesia. In 1989, he acquired state-owned steel works in Trinidad and Tobago, transforming them into profitable ventures. His acquisition of the Irish Steel plant in Cork, Ireland, in 1995, and its subsequent closure six years later, marked significant milestones in his career. Mittal also made notable acquisitions, including Sidex Galati (renamed Ispat Sidex) in 2001, PHS Steel Group from the Polish government in 2003, and renaming Ispat Mexicana and Ispat Karmet in 2001.

The pinnacle of Mittal’s career came in 2006 when he acquired Arcelor, a Luxembourg-based steel company, for $33 billion. This acquisition created ArcelorMittal, the world’s largest steelmaking company, with Mittal serving as its executive chairman.

Companies

Lakshmi Niwas Mittal is the executive chairman of ArcelorMittal, the world’s second-largest steelmaking company. He also chairs Aperam, a stainless steel manufacturer, and owns a 38% stake in ArcelorMittal. Additionally, Mittal holds a 3% stake in the EFL Championship club Queens Park Rangers.

Major Achievements

Mittal’s major achievements include revitalizing state-owned steel works in Trinidad and Tobago, managing the Irish Steel plant in Cork, and successfully renaming Sidex Galati to Ispat Sidex. His acquisition of Arcelor in 2006 remains his most significant accomplishment, establishing ArcelorMittal as a global leader in steel manufacturing.

Social Work

Sports

Motivated by India’s modest performance in the Olympics, Mittal established the Mittal Champions Trust with $9 million to support Indian athletes with world-beating potential. In 2008, he awarded Abhinav Bindra Rs. 1.5 crore for winning India’s first individual Olympic gold medal in shooting. ArcelorMittal also contributed steel for constructing the ArcelorMittal Orbit for the 2012 Summer Olympics.

Mittal matched the funds raised (~£1 million) for Comic Relief during the celebrity special BBC programme, The Apprentice. In December 2007, the Mittal family purchased a 20% shareholding in Queens Park Rangers football club, with Mittal’s son-in-law, Amit Bhatia, joining the board of directors.

Education

In 2003, the Lakshmi Niwas Mittal and Usha Mittal Foundation, in collaboration with the Government of Rajasthan, established the LNM Institute of Information Technology (LNMIIT) in Jaipur as an autonomous non-profit organization. In 2009, the foundation and Bharatiya Vidya Bhavan founded the Usha Lakshmi Mittal Institute of Management in New Delhi. SNDT Women’s University renamed its Institute of Technology for Women as the Usha Mittal Institute of Technology following a substantial donation from the foundation.

Medical

In 2008, the Mittals donated £15 million to Great Ormond Street Hospital in London, the largest private contribution the hospital had ever received. The donation funded the Mittal Children’s Medical Centre.

COVID-19 Pandemic

During the COVID-19 pandemic in India in 2020, Mittal donated ₹100 crores to the PM CARES Fund to support relief efforts.

Net Worth

As of April 2, 2024, Lakshmi Mittal’s net worth is estimated at $17 billion, according to Forbes. He ranks as the 110th richest individual globally and the 10th wealthiest person in India. His significant ownership in ArcelorMittal is the primary source of his wealth. Additionally, he holds a 3% stake in Queens Park Rangers F.C. and serves on various boards worldwide.

Lakshmi Niwas Mittal’s journey from Calcutta to becoming a global steel magnate and philanthropist is a testament to his vision, determination, and commitment to both industry and society.