Born on 15th June 1950, Lakshmi Narayan Mittal is one of the richest men in the world. As per the information available, he stands at the sixth spot in the list of the world’s richest persons. He is the chairman as well as CEO of Mittal Steel Company operating in 14 different countries. Mittal Steel is a very reputed company worldwide and there are chances that it may earn more profits in future. Even after facing problems in his childhood and then in his business, he was able to achieve his goals because of his hard work and determination.
He was born in Rajasthan, but for setting up a steel plant his family moved to Calcutta. Pramod Mittal and Vinod Mittal are his 2 brothers who also run the Mittal Steel Company. Lakshmi Narayan Mittal is a popular name worldwide as his story from rags to riches inspires many. He was unable to afford basic necessities in his childhood, and then it’s his belief which made his business earn lot of profits.
Lakshmi Narayan Mittal is a commerce graduate. He studied Bachelor of Commerce in accounting and business at St Xavier’s College in Calcutta. While studying, he actively worked at his father’s steel plant where he learnt lot of things related to the steel business. He wanted to make his dreams come true and that’s why he shifted to Indonesia in the year 1976 where he founded his own steel plant Ispat Indo. He always had the plans to make his father’s business grow worldwide.
He knew that for having a big business, risks need to be taken and that’s why he made the decision of buying loss making state owned firms. He had the belief that he will be able to make the loss making Indonesian steel firms earn big profits and Lakshmi Narayan Mittal was able to achieve what he wanted to. In 1989, Lakshmi Narayan Mittal got huge success as he turned a loss making company which was in a worse situation into a profit making one. Day by day, Lakshmi Mittal become more confident and then he started acquiring different firms worldwide.
He got married to Usha Mittal and now has 2 children Vanisha Mittal and Aditya Mittal. They are members of Board of Directors of Mittal Steel. Lakshmi Narayan Mittal is also known for introducing the use of direct reduced iron ‘DRI’ as a substitute for steel making.
Not only his own Mittal Steel Company, but Lakshmi Narayan Mittal also holds important position in various other trusts and companies. He is a member of International Investment Council of South Africa, International Iron and Steel’s Institute Executive Committee etc. He also holds the position of Director in ICICI Bank Ltd which clearly indicates that he is interested in other businesses too.
Lakshmi Narayan Mittal wealth of $16 billion and more makes him still stand as one of the richest persons in the world. Few years back he was the richest in United Kingdom. Lakshmi Mittal has won various reputed awards including Padhma Vibushan given by President of India, Entrepreneur of the year given by Wall Street in the year 2004, Steelmaker of the year by New Steel in 1996 and European Business of the year given by Forbes.
He is definitely one of the most influential persons in the world. His daughter wedding became a very popular one worldwide as he spent more than $55 million for it. It clearly shows how important family is for Lakshmi Mittal. Mittal Champions Trust set by him has helped the Indian athletes in winning Olympic medals. Businessmen respect him as they too want to make it big by taking risks in the right way like he did. He is called by different names which are ‘Steel King’, ‘Steel Baron’ etc.