The success story of Laxmi Niwas Mittal is unlike any other. Known as the ‘Steel King,’ he earned this laurel by buying multiple dying steel factories and turning them into profit machines.
Born on July 15, 1950, in the small town of Sadulpur in Rajasthan, India, Mittal came from humble beginnings and built a steel empire that spans multiple countries. Mittal, one of the world’s richest men, having ranked among the most successful entrepreneurs by Forbes Magazine as well as Fortune Magazine is the founder of ArcelorMittal.
Mittal’s journey to success began in the 1970s when he started working in his family’s steel business. He quickly realized the potential for growth in the steel industry and began to expand the family business. In 1989, Mittal gained ownership of state-owned steel works in Trinidad and Tobago, which had been facing major losses. Under Mittal’s leadership, the project doubled its output and became more profitable than ever.
Mittal continued with the formula of acquiring failing (mostly state-run) steel plants all over the world and then sending in special management teams to revitalize them and make them profitable. This model would go on to inspire the entire global steel industry and be adopted on an international level.
In the 1980s, he established Mittal Steel, which later became known as ArcelorMittal, the largest steel company in the world. Mittal’s business philosophy focused on consolidation in a sector that had already become weak and fragmented. What followed was one of Mittal’s most significant achievements – the acquisition of Ispat International, a leading steel company in the Netherlands, in 2004.
This acquisition marked a turning point for Mittal Steel as it made the company the world’s largest steel producer. The acquisition also demonstrated Mittal’s business acumen and his ability to identify opportunities in the steel industry.
Mittal’s success in the steel industry was driven by his focus on efficiency and cost-effectiveness, having implemented measures to cut down the production cost and increase the efficiency of the steel production process. His strategy of modernizing the steel production process and incorporating new technologies has been a major factor in his success as he was able to improve the quality of steel while keeping the manufacturing cost to a minimum. This helped him to establish a strong brand in the market.
Mittal, also known for his philanthropy work established the Mittal Champions Trust, which supports young athletes from developing countries. He’s also a member of the board of the Bill and Melinda Gates Foundation and has been actively involved in various charitable causes and social development projects in countries where his company operates.
Mittal’s success in the steel industry and his philanthropic efforts have earned him numerous awards and honors. Having been named “Steelmaker of the Year” by New Steel, a leading industry publication, in 1996, 1997, and 2001, he was also awarded the “Entrepreneur of the Year” by Ernst & Young in 2011. He has also been honored with numerous other awards for his business excellence and philanthropy.
Mittal’s go-getter personality combined with his spirit of generosity is worth noting and admiring.
