Chairman and CEO of ArcelorMittal, Laxmi Narayan Mittal tops the ‘UK’s list of richest people’ yet again. This comes in despite severe losses in his fortune, amounting to almost 22%, in the previous year. Laxmi Mittal and his family’s riches sum up to not less than £17.51 billion (as per the current estimation). Here’s a brief reflection on his story.
Laxmi Mittal’s journey to being the richest man in UK and owner of the world’s largest steelmaking company hasn’t been easy. He began his career working in his father’s steel making business in India. Later, he established international divisions of his enterprise marked by buying out an Indonesian plant in 1976. Shortly after his marriage, due to growing upheavals in the family, he branched out and established his very own ‘LNM’ group. Since then, Laxmi Mittal has been instrumental in the success of the LNM group and its growing associations.
Laxmi Mittal pioneered the usage of ‘DRI’ or direct reduced iron as a substitute for scrap in steel-making. This, amongst other innovative ideas contributed greatly to the consolidation of steel industries worldwide. He has also envisaged the CSR program which vows to produce Safe Sustainable steel. The ArcelorMittal foundation, operated by Laxmi himself, co-ordinates various community programs and projects in countries where ArcelorMittal is active. A philanthropist, Laxmi Niwas Mittal has also laid down the establishment of Mittal Champions Trust which supports potential Indian athletes in their pursuit of an Olympics medal.
He is also the founder of The Laxmi Niwas Mittal Institute of Information Technology at Jaipur which has been producing quality engineers since 2003.