From Rice Paddies To $16.7 Billion Empire: The Story of Lakshmi Mittal and ArcelorMittal’s Global Reign

Lakshmi Mittal, whose name derives from the Hindu goddess of wealth, exemplifies the success his name foretold. Born in 1950 in Sadulpur, Rajasthan, India, Mittal transformed his life through steel and hard work. Today, he serves as the executive chairman of ArcelorMittal, the world's largest steel and mining company outside of China.

The Rise of ArcelorMittal: A Global Steel Giant
ArcelorMittal, the Luxembourg-based steel conglomerate chaired by Mittal, is a global force in the steel industry. With operations in 15 countries and a 2023 revenue of $68.3 billion, the company dominates the steel market outside China, as per Bloomberg.

Under Mittal’s leadership, ArcelorMittal underwent a series of strategic mergers, including the creation of Mittal Steel in 2004 and the acquisition of Arcelor in 2006. This aggressive expansion cemented the company’s position as a leader in the global steel industry.

Despite challenges, such as selling troubled plants in Kazakhstan and Italy in 2023, the company’s resilience remains unmatched. It reported a net income of $919 million in 2023, a stark contrast to the $9.3 billion achieved in 2022, as per Forbes. 

Who is Lakshmi Mittal?
Mittal was born into a family of steel producers and inherited the entrepreneurial spirit from his father. A commerce graduate from St. Xavier’s College in Kolkata, he moved to Indonesia at age 26 to set up his first steel mill on rice paddies owned by his father. This humble beginning laid the foundation for his rise in the global steel industry.

In 1976, Mittal ventured out on his own, separating from his siblings to establish his steel empire. He formed Mittal Steel in 2004 by merging publicly listed Ispat International with privately held LNM Holdings. Shortly after, he acquired the International Steel Group from billionaire Wilbur Ross for $4.7 billion, as per Forbes.

In 2006, Mittal spearheaded a five-month-long battle to acquire Arcelor, a merger that created the world’s largest steelmaker. Since then, Mittal has resided in London, managing his empire and owning properties worth over $350 million on the exclusive Kensington Palace Gardens, often referred to as "Billionaire’s Row,” as mentioned by Bloomberg. 

Family Assets and Business Ventures
As of 2024, Lakshmi Mittal’s net worth stands at $16.7B billion (approximately Rs 1.3 lakh crore) as per Forbes.

The majority of his wealth stems from a 40% stake in ArcelorMittal, held through a family trust. Over the years, Mittal has also earned over $4 billion in dividends and $2 billion from LNM Holdings when it merged with Ispat International in 2004, as mentioned by Bloomberg. 

In addition to ArcelorMittal, Mittal owns significant stakes in Aperam, a Luxembourg-based stainless steel company, and HPCL-Mittal Energy, a joint venture in India. He also co-owns the Queens Park Rangers soccer team in London. Mittal’s real estate portfolio includes properties in England, Scotland, and India, with his three London mansions collectively valued at $350 million.

A Legacy of Global Recognition
Mittal’s contributions to the steel industry have been widely recognized. He has received numerous awards, including the Padma Vibhushan, India’s second-highest civilian honor, and international accolades like the Dwight D. Eisenhower Global Leadership Award and the Willy Korf Steel Vision Award. 

Philanthropy and Family
Lakshmi Mittal’s philanthropic endeavours span education, child health, and research. In 2017, the Mittal family made a significant donation to Harvard University to establish the Lakshmi Mittal and Family South Asia Institute. They have also supported the Mittal Children’s Medical Centre at London’s Great Ormond Street Hospital and UNICEF’s initiatives on child malnutrition in India.

Mittal’s family includes his wife, Usha Mittal, and two children. His son, Aditya Mittal, succeeded him as CEO of ArcelorMittal in 2021, while his daughter, Vanisha Mittal Bhatia, is a director at the company. Together, the family continues to expand their business empire and philanthropic legacy.

The Road Ahead
Lakshmi Mittal’s journey from a small town in Rajasthan to leading a $68 billion global steel giant is nothing short of extraordinary. His vision, resilience, and strategic acumen have redefined the steel industry, and his legacy continues to inspire entrepreneurs worldwide.