LAKSHMI MITTAL
Chairman of ArcelorMittal — the world's largest steel company — who built a $150 billion steel empire through hostile takeovers
Lakshmi Mittal bought his first steel mill in Indonesia in 1976 when he was 26 years old. Forty years later, he had assembled the largest steel company on earth through a series of acquisitions so aggressive they made Wall Street look timid. The crown jewel: the hostile takeover of Arcelor in 2006 — a $33 billion deal that the European establishment fought tooth and nail, calling it an "assault on European industry." He won. ArcelorMittal now produces roughly 10% of the world's steel. Mittal once bought a $128 million house in London — Kensington Palace Gardens — the most expensive house purchase in history at the time.
Net Worth
$16.5 billion
Nationality
Indian-British
Time Horizon
Generational
Risk Appetite
9 / 10
CAREER & BACKGROUND
Born in Sadulpur, Rajasthan, India. Family ran a small steel business.
Acquired his first steel mill in Indonesia in 1976. Built Ispat International through acquisitions of distressed steel mills across the developing world (Trinidad, Mexico, Kazakhstan, Romania).
Merged Ispat with LNM Holdings and International Steel Group to create Mittal Steel. Launched a hostile takeover of Arcelor (Europe's largest steelmaker) in 2006 for $33 billion — one of the biggest hostile takeovers in European history.
The merged company, ArcelorMittal, became the world's largest steelmaker. ArcelorMittal produces roughly 70 million tonnes of steel annually — about 10% of global output.
Mittal was the richest person in the UK from 2005 to 2008. Spent $128 million on a home in Kensington Palace Gardens, London.
Spent $60 million on his daughter's wedding — one of the most expensive weddings in history.
COMPANIES & ROLES
ArcelorMittal (Chairman/CEO)
INVESTING STYLE & PHILOSOPHY
Mittal is a buy-and-fix industrialist. He specializes in acquiring distressed steel mills in developing countries, investing in operational improvements, and turning them into profitable operations.
He then rolls them into his growing empire. His approach is aggressive, leveraged, and global.
He uses debt fearlessly to finance acquisitions and bets that scale and efficiency will generate the cash flow needed to service the debt.
THE PLAYBOOK
Risk Approach
Extremely high. Mittal has taken on massive debt to finance acquisitions.
The Arcelor hostile takeover was one of the largest leveraged bets in industrial history. Steel is a cyclical industry — when demand drops, highly leveraged steel companies can face existential crises.
ArcelorMittal's stock dropped over 80% during the 2008 financial crisis.
Money Habits
Lives in a $128 million house in London's Kensington Palace Gardens — neighbors include Russian oligarchs and Saudi royals. Spent $60 million on his daughter Vanisha's wedding at Versailles.
He is not modest about his wealth. He is one of the most visible Indian billionaires in the world.
BIGGEST WIN
The Arcelor hostile takeover. Buying Europe's largest steelmaker against fierce opposition from European governments, unions, and the business establishment was audacious.
The combined company became the undisputed global leader in steel. The deal cemented Mittal's legacy as one of the most aggressive dealmakers in industrial history.
BIGGEST MISTAKE
Overleveraging before the 2008 financial crisis. ArcelorMittal's stock dropped from $100+ to under $15 during the crisis as steel demand collapsed.
Mittal's personal wealth dropped by an estimated $25 billion in a single year. While the company survived, the volatility showed the danger of combining cyclical commodities with aggressive leverage.
FINANCIAL PHILOSOPHY
Mittal believes in global scale as a competitive advantage in commodities. His philosophy: steel is a commodity, so the lowest-cost producer wins.
Scale creates purchasing power, operational efficiency, and pricing leverage. He also believes in buying assets when others are selling — many of his best acquisitions were of distressed mills during downturns.
FAMILY & PERSONAL LIFE
Married to Usha Mittal. They have two children — son Aditya (now CEO of ArcelorMittal) and daughter Vanisha.
The family is based in London. Aditya Mittal has been groomed as successor for years.
EDUCATION
Studied Commerce at St. Xavier's College, Kolkata, India.
No MBA or graduate degree. Learned the steel business from his father and from operating mills hands-on.
BOOKS & RESOURCES
And Byron Ousey covers Mittal's hostile takeover of Arcelor and the creation of ArcelorMittal
The industrial capitalism framework that shapes Mittal's global thinking. Steel industry analyst reports from Wood Mackenzie document the consolidation Mittal drove
As an Amazon Associate, Netfigo earns from qualifying purchases. Book links above may be affiliate links.
QUOTES (6)
I bought my first steel mill at 26 in Indonesia. Everyone said I was too young. The mill did not care how old I was.
The hostile takeover of Arcelor was a 33 billion dollar bet that European steelmakers needed an Indian to show them how to compete.
Steel is a commodity. In commodities the lowest-cost producer always wins. That is why scale matters more than anything.
My net worth dropped 25 billion dollars in 2008. I did not sell a single share. You cannot panic in a cyclical business.
I own the house. I own the steel. I own the land. Physical assets are the only real assets.
Europe called me a barbarian at the gate. I called them inefficient. History shows who was right.
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