Lakshmi Mittal is known as the king of steel, He is the Chairman and the CEO of ArcelorMittal. According to Forbes Business Magazine, he was the third richest man in the world in 2005. He is the non-executive director of Goldman Sachs, EADS, and ICICI Bank.
Lakshmi Mittal belongs to the Marwari Aggrawal family of Rajasthan. He graduated from St. Xavier’s College in Calcutta in Hindi Medium with a Bachelor of Commerce degree in Business and Accounting.
Mittal’s father, Mohan had become a partner in a steel company where Mittal gave a kickstart to his career. He spanned the small business of the family into a global steel giant by starting the Ispat Indo in Indonesia. Ispat International NV, Ispat Karmet and Indo Ispat are a part of the LNM Ispat group.
Due to some drift in the family, he took over the international operations of the Mittal steel business. Mittal led the consolidation process of the global steel industry by integrating mini-mills and using Direct Reduced Iron as a substitute for scrap in steel making.
According to the MBA Rendezvous, the best thing about this famous businessman is that he used to buy sick and rusted steel companies and convert them into gold. New technology was introduced and transformed by Mittal where his trademark was to buy old rundown steel mills at throwaway prices from the government and make them precious.
He took over the US largest steel producer, the International Steel Group, and became the largest steel maker in the world.
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