Lakshmi Niwas Mittal was born on June 15, 1950, in Sadulpur, Rajasthan, India. He is an Indian businessman, industrialist, investor, and philanthropist who built an international steel business that became Mittal Steel Company and later ArcelorMittal. He began working in his family's steel business before establishing a steel operation in Indonesia in 1976. Through acquisitions in Europe, Asia, Africa, and the Americas, he expanded the company into one of the world's largest steel producers. In 2006, Mittal Steel merged with Arcelor to form ArcelorMittal. Lakshmi Niwas Mittal served as the company's Chairman and Chief Executive Officer until February 2021, when his son Aditya Mittal became CEO. He continues to serve as Executive Chairman.

Early Life and Family Background

Lakshmi Niwas Mittal was born on June 15, 1950, in Sadulpur, in the Churu district of Rajasthan, India. He grew up in a Marwari business family belonging to the Agrawal community.

During his early childhood, he lived with members of his extended family in Sadulpur. Accounts of his childhood describe a modest family home with bare concrete floors and simple sleeping arrangements.

His family had a background in trade and business. His grandfather worked in the commercial sector, while his father, Mohan Lal Mittal, became involved in steel manufacturing.

As his father's business expanded, the family moved to Calcutta, now known as Kolkata. The city provided Mittal with opportunities to continue his education and gain experience in the steel industry.

Education and Entry into the Steel Industry

Lakshmi Niwas Mittal studied commerce at St. Xavier's College, affiliated with the University of Calcutta. He graduated in 1969 with a Bachelor of Commerce degree.

After completing his education, he joined the family business and began working with his father and brothers in steel manufacturing and related commercial operations.

In 1976, at the age of 26, he moved to Indonesia to establish a steel business. This operation became the starting point of the international steel group he subsequently developed.

Mittal concentrated on acquiring existing steel plants, modernizing their operations, and expanding production. The approach allowed his business to enter markets in several countries without relying exclusively on the construction of new factories.

International Expansion and Mittal Steel

During the 1980s and 1990s, Lakshmi Niwas Mittal expanded his steel operations through acquisitions and investments in different countries.

His companies acquired steel facilities in Trinidad and Tobago, Mexico, Canada, Kazakhstan, and other markets. Later investments extended the business into Romania, Bosnia and Herzegovina, South Africa, Poland, Ukraine, and the United States.

In 1994, Mittal separated the international operations under his management from the family business interests controlled by other members of the Mittal family.

His international steel holdings subsequently developed under names including Ispat International and LNM Holdings. In 2004, these businesses were combined to create Mittal Steel Company.

In 2005, Mittal Steel completed the acquisition of the United States-based International Steel Group, expanding its production capacity and international operations.

By this period, Mittal Steel had become the world's largest steel producer. Its business included steel manufacturing and related activities involving raw materials, mining, and transportation.

The Arcelor Merger in 2006

In January 2006, Lakshmi Niwas Mittal announced an unsolicited takeover bid for Arcelor, a European steel producer headquartered in Luxembourg.

The proposed acquisition initially faced opposition from Arcelor's management and some European political leaders. Negotiations continued for several months, during which Mittal Steel revised its offer.

In June 2006, Arcelor accepted an improved proposal. The merger created ArcelorMittal, which became the world's largest steel producer at the time.

Mittal became Chairman and Chief Executive Officer of the combined company. His son Aditya Mittal, who had been involved in developing the merger proposal, also assumed senior management responsibilities.

The company continued operating steel production facilities and mining businesses across several continents.

ArcelorMittal and Executive Leadership

Following the merger, Lakshmi Niwas Mittal managed the combined group as Chairman and Chief Executive Officer. The company continued its operations through periods of fluctuating steel prices, changing industrial demand, and international economic uncertainty.

On February 11, 2021, ArcelorMittal announced changes to its executive leadership. Mittal became Executive Chairman, while his son Aditya Mittal assumed the position of Chief Executive Officer.

In his role as Executive Chairman, Mittal continues to lead the company's board and works with its executive management on corporate strategy.

He also serves as Chairman of the board of Aperam, a stainless steel and specialty alloys producer.

Wealth and Forbes Rankings

Lakshmi Niwas Mittal appeared regularly in international rankings of the world's wealthiest individuals as the value of his steel businesses increased.

According to the Forbes World's Billionaires List published in 2006, he ranked fifth globally, with an estimated net worth of $23.5 billion. The four individuals ranked above him were Bill Gates, Warren Buffett, Carlos Slim Helu, and Ingvar Kamprad.

He was also included in The Sunday Times Rich List, which ranked wealthy individuals and families in the United Kingdom. During the mid-2000s, he was listed among Britain's wealthiest residents.

His estimated wealth has changed substantially over time because of variations in steel industry performance, share prices, and the value of his business holdings.

The Mittalgate Controversy

In 2002, Lakshmi Niwas Mittal became involved in a political controversy in the United Kingdom known as Mittalgate.

The controversy concerned a letter written in 2001 by British Prime Minister Tony Blair to Romanian Prime Minister Adrian Năstase. Blair's letter supported Mittal's company's bid to acquire the Romanian state-owned steel producer Sidex.

It subsequently emerged that Mittal had donated £125,000 to the Labour Party in 2001. Opposition politicians questioned whether the donation had influenced the British government's support for the acquisition.

Blair's office denied that the donation had influenced the letter and stated that the recommendation had been prepared following advice from British officials.

The matter became the subject of political debate and parliamentary scrutiny concerning donations to political parties and government support for private businesses.

In July 2005, Mittal announced a further donation of £2 million to the Labour Party. His financial contributions to the party continued to receive media attention.

Property Investments in London

Lakshmi Niwas Mittal established his residence in London and became associated with several expensive property purchases in the city.

In 2004, he purchased a mansion on Kensington Palace Gardens from Bernie Ecclestone, the businessman associated with Formula One. The purchase price was widely reported at approximately £70 million, or about $128 million at the time.

The property had previously been associated with Paul Reuter, the founder of the Reuters news agency.

The purchase was reported as one of the highest prices paid for a private residence at that time.

Marriage and Children

Lakshmi Niwas Mittal is married to Usha Mittal. The couple have two children, Aditya Mittal and Vanisha Mittal Bhatia.

Aditya joined the family business and later held senior financial and management positions at ArcelorMittal. In February 2021, he succeeded his father as Chief Executive Officer of the company.

Vanisha Mittal Bhatia has also served on the board of ArcelorMittal.

In 2004, Vanisha married businessman Amit Bhatia in France. The wedding celebrations included events at the Palace of Versailles and Château de Vaux-le-Vicomte.

The six-day celebrations were widely reported for their high cost. Guinness World Records lists the event at an estimated $55 million and records it as the world's most expensive wedding at the time.

Philanthropy and Education

Lakshmi Niwas Mittal and his wife Usha have supported educational and healthcare institutions in India, the United Kingdom, and the United States.

In 2002, the Mittal family helped establish The LNM Institute of Information Technology in Jaipur, Rajasthan, through a partnership with the state government. The institution provides education and research opportunities in technology and related subjects.

The family has supported Great Ormond Street Hospital in London, including the Mittal Children's Medical Centre, which opened in January 2018.

In 2017, the family made a donation to Harvard University to support the Lakshmi Mittal and Family South Asia Institute.

In 2020, they also funded a professorship in vaccinology at the University of Oxford's Jenner Institute.

Awards and Recognition

In 2008, Lakshmi Niwas Mittal received the Padma Vibhushan, one of India's highest civilian honours, for his contributions to trade and industry.

In 2018, he received the Gary Medal from the American Iron and Steel Institute in recognition of his work in the steel industry.

Business Career

1969 - Graduated from St. Xavier's College, Calcutta
1976 - Established a Steel Business in Indonesia
1980s–1990s - Expanded International Steel Operations
1994 - Separation of International Operations from the Family Business
2004 - Formation of Mittal Steel Company
2005 - Acquisition of International Steel Group
2006 - Merger of Mittal Steel and Arcelor
2006–2021 - Chairman and Chief Executive Officer of ArcelorMittal
February 2021 – Present - Executive Chairman of ArcelorMittal

Family

Father: Mohan Lal Mittal
Wife: Usha Mittal
Son: Aditya Mittal
Daughter: Vanisha Mittal Bhatia
Son-in-law: Amit Bhatia

Source: Biyografiler.com