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The Indian-born business magnate Lakshmi Mittal has left an incredible legacy in the world of steel. He is now a major player in the steel industry and a force to be reckoned with globally owing to his unwavering determination, strategic acumen, and relentless pursuit of growth.
Born in Sadulpur, Rajasthan, in 1950, Mittal’s career started out as a small family steel company. But his ambition had no boundaries, and he set out on a journey that would eventually make him one of the most prosperous and powerful industrialists in the world.
In 2005, Mittal became the first Indian national to be listed in the top ten of Forbes’ annual list of the world’s richest people, with the publication ranking him as the third-richest person in the world. In 2011, Forbes listed him as the sixth richest person in the world; however, by March 2015, he had fallen to 82nd place. According to Forbes’ 2015 “Most Powerful People” list, he is ranked as the “57th-most powerful person” out of the 72 people listed. The 2005 wedding of his daughter Vanisha Mittal was the second most costly in history.
Here’s a list of companies owned by Lakshmi Mittal
ArcelorMittal
The jewel in Lakshmi Mittal’s business empire is ArcelorMittal, the top mining and steel company in the world. ArcelorMittal is a global company, operating in 60 countries and employing over 190,000 people. It produces about 70 million tonnes of crude steel annually.
Under the direction of CEO Aditya Mittal, ArcelorMittal announced $63.3 billion in sales for the 2022 fiscal year. Serving clients in the automotive, construction, and energy sectors, the company has been able to hold its position as a major player in the steel industry due to its dedication to sustainability, technological innovation, and operational excellence.
ArcelorMittal Nippon Steel India Limited
AMNSI, a joint venture between ArcelorMittal and Nippon Steel Corporation, is a testament to Mittal’s strategic vision and his ability to forge powerful partnerships. With a combined annual production capacity of around 8.5 million tons, AMNSI aims to leverage the strengths of both parent companies to cater to the growing steel demands of the Indian market.
Under the leadership of CEO Dilip Oommen, AMNSI reported a revenue of $4.6 billion for the fiscal year 2022-2023. The company’s focus on operational excellence, customer-centricity, and sustainability positions it as a key player in the Indian steel industry.
APERAM
One of the world’s top producers of stainless, electrical, and speciality steels is APERAM, a spin-off of ArcelorMittal. APERAM serves clients in the automotive, construction, and consumer goods industries, among other sectors, through its operations in Europe, Brazil, and the US.
Under the direction of CEO Timoteo Di Maulo, APERAM recorded $6.2 billion in revenue for the 2022 fiscal year. The company has been able to sustain a strong position in the global stainless steel market.
Lakshmi Mittal’s business empire is still centred around the steel industry, but his spirit of entrepreneurship has inspired him to look into opportunities in other industries as well. A noteworthy partnership between Hindustan Petroleum Corporation Limited (HPCL) and Mittal Energy Investments Pte. Ltd. is HMEL (HPCL Mittal Energy Limited). In Bathinda, Punjab, HMEL runs a state-of-the-art refinery with a 9 million-ton annual capacity for refining.
HMEL, under CEO Prabh Das’s direction, reported $7.8 billion in revenue for the fiscal year 2022–2023, securing its place as a major participant in the Indian energy industry.
Mittal’s business career has been nothing short of extraordinary, spanning multiple countries and sectors. By spotting opportunities, forming strategic alliances, and promoting operational excellence, he has developed a powerful business empire. Lakshmi Mittal’s vision and leadership continue to be crucial in guiding the world through the challenges of the global marketplace, influencing industries and motivating future generations of entrepreneurs.
