Difference between revisions of "Arcelor Mittal" - New World Encyclopedia
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Mittal invested more than 33 billion dollars to take over Arcelor. Arcelor shareholders will receive 13 Mittal Steel shares and 155.60 euros in cash for 12 Arcelor shares. Mittal Steel is also offering 13 Mittal Steel shares and 188.42 euros in cash for 12 Arcelor convertible bonds. Current Arcelor shareholders will own 50.5 per cent of the combined group and the Mittal family 43.6 per cent of the capital and voting rights. | Mittal invested more than 33 billion dollars to take over Arcelor. Arcelor shareholders will receive 13 Mittal Steel shares and 155.60 euros in cash for 12 Arcelor shares. Mittal Steel is also offering 13 Mittal Steel shares and 188.42 euros in cash for 12 Arcelor convertible bonds. Current Arcelor shareholders will own 50.5 per cent of the combined group and the Mittal family 43.6 per cent of the capital and voting rights. | ||
The company's profit went up by 40% after the merger. | The company's profit went up by 40% after the merger. | ||
| + | ==Lakshmi Mittal== | ||
| + | {{Infobox_Celebrity | ||
| + | | name = Lakshmi Mittal | ||
| + | | image =Lakshmimittal22082006.jpg | ||
| + | | birth_date = {{birth date and age|1950|6|15}} | ||
| + | | birth_place = {{flagicon|IND}} [[Sadulpur]], [[Rajasthan]], [[India]] | ||
| + | | religion = [[Hinduism]]{{Fact|date=March 2008}} | ||
| + | | residence = Kensington, London | ||
| + | | occupation = Chairman & CEO of [[Arcelor Mittal]] | ||
| + | | country = {{flagicon|IND}} [[India]] | ||
| + | | networth = {{loss}} '''£27.7 billion''' [[GBP]] [http://extras.timesonline.co.uk/world2008.pdf] | ||
| + | | website=[http://www.mittalsteel.com/Company/Management/Board+of+Directors/Lakshmi+N.+Mittal.htm Profile on mittalsteel.com] | ||
| + | | footnotes= | ||
| + | }} | ||
| + | |||
| + | '''Lakshmi Narayan Mittal'''<ref>http://www.investingvalue.com/investment-leaders/lakshmi-mittal/index.htm | Lakshmi Mittal Biography | accessdate=2007-07-21</ref> (or '''Lakshmi Niwas Mittal''') (born [[June 15]], [[1950]]) is a [[London]]-based [[India]]n [[billionaire]] [[industrialist]], born in [[Sadulpur]] village, in the [[Churu]] district of [[Rajasthan]], [[India]], and resides in [[Kensington]], [[London]]. He is the richest man in Europe and the fourth richest person in the world, with a personal fortune of [[US$]]45.0 billion according to ''[[Forbes magazine|Forbes]]'' magazine.<ref>[http://www.forbes.com/lists/2007/77/biz_07india_Lakshmi-Mittal_R0YG.html #1 Lakshmi Mittal - Forbes.com<!-- Bot generated title —>]</ref><ref>[http://news.bbc.co.uk/2/hi/business/6571269.stm BBC NEWS | Business | Foreigners dominate UK rich list<!-- Bot generated title —>]</ref> | ||
| + | |||
| + | The ''[[Financial Times]]'' named Mittal its 2006 Person of the Year. In May 2007, he was named one of the "100 most influential people" by ''[[Time (magazine)|Time]]'' magazine. | ||
| + | |||
| + | == Biography == | ||
| + | ===Early years=== | ||
| + | Lakshmi spent his first [[years]] in [[India]], living with his extended family on bare floors and rope beds in a house built by his [[grandfather]]. His family was from humble roots; his grandfather worked for the [[Tarachand Ghanshyamdas Poddar]] firm, one of the leading industrial firms of [[pre-independence India]]. They eventually moved to [[Calcutta]] where his [[father]], Mohan, became a partner in a [[steel]] company and made a fortune. | ||
| + | |||
| + | He graduated from [[St. Xavier's College]] in [[Calcutta]] (now known as [[Kolkata]]) with a [[Bachelor of Commerce|Bachelor of Commerce degree]]<ref>http://www.investingvalue.com/investment-leaders/lakshmi-mittal/index.htm | Lakshmi Mittal Biography | accessdate=2007-07-21</ref> in [[Business and Accounting]] in [[1969]] <ref>[http://www.webindia123.com/personal/abroad/mittal.htm Personalities in India - Personalities abroad -Lakshmi Mittal<!-- Bot generated title —>]</ref>. | ||
| + | |||
| + | ===Career=== | ||
| + | Lakshmi Mittal began his career working in the family's steelmaking business in India, and in 1976, when the family founded its own steel business, Mittal set out to establish its international division, beginning with the buying of a run-down plant in Indonesia. Shortly afterwards he married Usha, the daughter of a well-to-do moneylender. In 1994, due to differences with his father and brothers, he branched out on his own, taking over the international operations of the Mittal steel business, which was already owned by the family. Mittal's family never spoke publicly about the reason that caused the split. | ||
| + | |||
| + | ===The Mittal Affair: "Cash for Influence"=== | ||
| + | {{main|Mittal Affair}} | ||
| + | |||
| + | Controversy erupted in 2002 as [[History of Plaid Cymru|Plaid]] [[Member of Parliament|MP]] [[Adam Price]] exposed the link between UK prime minister [[Tony Blair]] and Mittal in the [[Mittal Affair]], also known as 'Garbagegate' or ''Cash for Influence''.<ref>[http://news.bbc.co.uk/1/hi/wales/1813620.stm Plaid reveals Labour steel cash link Monday, 11 February, 2002, extracted 11-01-07]</ref><ref>[http://news.bbc.co.uk/1/hi/business/1820324.stm Lakshmi Mittal, steel mill millionaire Thursday, 14 February, 2002, extracted 11-01-07]</ref> <ref>[http://news.bbc.co.uk/1/hi/uk_politics/1818955.stm Q&A: 'Garbagegate' Thursday, 14 February, 2002 extracted 11-01-07]</ref> Mittal's [[LNM]] steel company, registered in the [[Dutch Antilles]] and maintaining less than 1% of its 100,000 plus workforce in the UK, sought Blair's aid in its bid to purchase [[Romania]]'s state steel industry. <ref>[http://news.bbc.co.uk/1/hi/uk_politics/1818955.stm Q&A: 'Garbagegate' Thursday, 14 February, 2002 extracted 11-01-07]</ref> The letter from Blair to the Romanian government, a copy of which Price was able to obtain, hinted that the privatisation of the firm and sale to Mittal might help smooth the way for Romania's entry into the [[European Union]].<ref>[http://news.bbc.co.uk/1/hi/wales/1813620.stm Plaid reveals Labour steel cash link Monday, 11 February, 2002, extracted 11-01-07]</ref> | ||
| + | |||
| + | The letter had a passage in it removed just prior to Blair's signing of it, describing Mittal as "a friend."<ref>[http://news.bbc.co.uk/1/hi/uk_politics/1818955.stm Q&A: 'Garbagegate' 14 February, 2002, extracted 11-01-07]</ref> | ||
| + | |||
| + | In exchange for Blair's support Mittal, already a Labour contributor, donated £125,000 more to Labour party funds a week after the 2001 UK General Elections, while as many as six-thousand [[Welsh people|Welsh]] steelworkers were [[laid off]] that same year, Price and others pointed out. As well as this, Mittal has technically been residing in the United Kingdom illegally for over 14 years{{Fact|date=March 2008}}, however with his political connections and adversaries it is unlikely that he will be forced to leave. Because of this, he has been included on many unofficial Wealth-indicative lists as the richest man in the United Kingdom, when in actuality, the List held by the UK and Channel Island Treasury Authority lists no mention of name "Lakshmi(or derivatives) Mittal." [[Corus Group]] and [[Valkia Limited]] were two of the primary employers in south [[Wales]], particularly in [[Ebbw Vale]], [[Llanwern]], and [[Port Talbot]].<ref>[http://news.bbc.co.uk/1/hi/wales/1827460.stm Steel firm condemns 'Mittal aid' Monday, 18 February, 2002, 14:47 GMT extracted 11-01-07]</ref>. | ||
| + | |||
| + | ===Today=== | ||
| + | Since [[2005]], Mittal has been the richest person residing in the United Kingdom. He is the President of the Board of Directors and [[Chief executive officer|CEO]] of [[ArcelorMittal]]; ArcelorMittal is the world's largest producer of steel, with assets in [[France]], [[Belgium]], [[Romania]], [[Bosnia-Herzegovina]], [[South Africa]], [[Poland]], [[Czech Republic]], [[Indonesia]], [[Kazakhstan]], [[Canada]], [[Bulgaria]], [[United States]], [[Trinidad]],[[Brazil]] and [[Mexico]]. On [[July 13]], [[2005]] it was announced that he had donated £2 million to the [[Labour Party (UK)|Labour Party]], and on [[January 16]] [[2007]] it was announced that he had donated a further £3 million.{{Fact|date=April 2007}} | ||
| + | |||
| + | ===Personal wealth=== | ||
| + | {{wikinews|Lakshmi Mittal tops Sunday Times Rich List}} | ||
| + | In March 2008, Mittal was reported to be the 4th wealthiest person in the world by ''[[Forbes Magazine]]'' (up from 61st richest in 2004) up one place since a year ago. The Mittal family owns 44% of [[Arcelor Mittal]], the world's largest steel company.<ref>{{cite news | title=Mittal announces bid for rival Arcelor | publisher=The Guardian |date=January 27, 2006 | url=http://business.guardian.co.uk/story/0,,1696397,00.html}}</ref> | ||
| + | |||
| + | His residence at 18-19 [[Kensington Palace Gardens]] was bought from [[Formula One]] boss [[Bernie Ecclestone]] in 2004 for $128 million (£57 million), making it the world's most expensive house.<ref>{{cite news | title=$128M Spend for London House | publisher=MSNBC|date=April 12, 2004|url=http://www.msnbc.msn.com/id/4722789/}}</ref> | ||
| + | |||
| + | Mittal has two children. His son, [[Aditya Mittal]], is the [[CFO]] of Arcelor Mittal. | ||
| + | Mittal paid over $60 million (£30 million) to host his daughter [[Vanisha Mittal]]'s [[wedding]] celebration in [[Vaux le Vicomte]] on [[22 June]] [[2004]] and an engagement ceremony at the [[Palace of Versailles]] on [[20 June]] [[2004]], the world's most expensive wedding ever. He even hosted a [[Bollywood]] night where superstars like [[Rani Mukerji]], [[Saif Ali Khan]], [[Shahrukh Khan]] and [[Aishwarya Rai]] performed. [[Kylie Minogue]] also sang on stage.<ref>[http://www.weddingsutra.com/community/featured_vanisha_prewed.asp Welcome to WeddingSutra.com : Vanisha and Amit<!-- Bot generated title —>]</ref> | ||
| + | |||
| + | Mittal's house in [[Kensington Palace Gardens|Kensington]], [[London]] is decorated with marble taken from the same [[quarry]] that supplied the [[Taj Mahal]]. The extravagant show of wealth has been deemed the "Taj Mittal."<ref>[http://googlesightseeing.com/2007/07/13/takeover-week-billionaires-row-rob/ Takeover Week: Billionaires Row (Rob) - Google Sightseeing<!-- Bot generated title —>]</ref> | ||
| + | |||
| + | ===Queens Park Rangers=== | ||
| + | |||
| + | Recently, Mittal had emerged as a leading contender to buy Barclays Premiership clubs [[Wigan Athletic F.C.|Wigan]] and [[Everton F.C.|Everton]]. However on 20 December 2007 it was announced that the Mittal family had purchased a 20 per cent shareholding in [[Queens Park Rangers F.C.|Queens Park Rangers football club]] joining [[Flavio Briatore]] and Mittal's friend [[Bernie Ecclestone]].<ref>{{Cite news | ||
| + | | title = QPR secure huge investment boost | ||
| + | | work = BBC | ||
| + | | accessdate = 2007-12-20 | ||
| + | | url = http://news.bbc.co.uk/sport1/hi/football/teams/q/qpr/7154202.stm | ||
| + | }}</ref> <ref>[http://news.bbc.co.uk/sport1/hi/football/teams/q/qpr/6974099.stm F1 magnates to take over at QPR] from [[BBC Sport]]</ref> As part of the investment Mittal's son-in-law, Amit Bhatia, took a place on the board of directors. The combined investment in the struggling club sparked suggestions that Mittal might be looking to join the growing ranks of wealthy individuals investing heavily in English football and emulating other similar benefactors such as [[Roman Abramovich]].<ref>[http://www.telegraph.co.uk/sport/main.jhtml?xml=/sport/2007/12/21/sfnqpr121.xml Lakshmi Mittal pushes QPR up the rich list] by Kevin Garside, [[Daily Telegraph]], 21 December 2007</ref> | ||
| + | |||
| + | ===Charity=== | ||
| + | After witnessing India win only one medal, [[bronze medal|bronze]], in the [[2000 Olympics]], and one medal, [[silver medal|silver]], at the [[2004 Olympics]], Mittal decided to set up [[Mittal Champions Trust]] with US$9 million to support 10 Indian athletes with world-beating potential.<ref>[http://dnaindia.com/report.asp?NewsID=9054 DNA - Sport - Mittal’s Olympic dream is worth Rs 40 crore - Daily News & Analysis<!-- Bot generated title —>]</ref> | ||
| + | |||
| + | For ''[[Comic Relief (charity)|Comic Relief]] 2007'', he matched the money raised (~£1 million) on the celebrity special BBC programme, ''[[The Apprentice (UK)|The Apprentice]]''. | ||
| + | |||
| + | ===Criticism=== | ||
| + | |||
| + | Employees of Mittal have accused him of "slave labour" conditions after multiple fatalities in his mines.<ref>[http://www.timesonline.co.uk/tol/news/uk/article1909761.ece UK’s richest man in slave labour row]</ref> | ||
| + | |||
| + | ===Awards=== | ||
| + | *2008: [[Padma Vibhushan]] | ||
| + | *2007: Bessemer Gold Medal | ||
| + | *2006: Person of the Year - ''Financial Times'' | ||
| + | *2004: European Businessman of the Year - ''Fortune'' magazine | ||
| + | *1998: Willy Korf Steel Vision Award - ''American Metal Market'' and ''PaineWeber’s World Steel Dynamics'' | ||
| + | *1996: Steelmaker of the Year - ''New Steel'' | ||
| + | |||
| + | ==See also== | ||
| + | *[[Arcelor Mittal]] | ||
| + | *[[List of billionaires]] | ||
| + | *[[Agrawal]] | ||
| + | * [[Nattal Sahu]] | ||
| + | |||
| + | ==References== | ||
| + | {{reflist|2}} | ||
==References== | ==References== | ||
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*''Lakshmi Nivas Mittal (Man of Steel) - MSNBC'' | *''Lakshmi Nivas Mittal (Man of Steel) - MSNBC'' | ||
*[http://finance.google.com/finance?q=MT Google Finance: Arcelor Mittal] | *[http://finance.google.com/finance?q=MT Google Finance: Arcelor Mittal] | ||
| − | |||
==External links== | ==External links== | ||
| + | *[http://clevescene.com/2007-08-22/news/battling-the-steel-baron/ Cleveland News article about Ohio Citizen Action's struggle with one of Mittal's steel mills] | ||
| + | *[http://www.richest-people.co.uk/top_3_richest/lakshmi_mittal Lakshmi Mittal] - Heads up rich list | ||
| + | *[http://www.arcelormittal.com ArcelorMittal website] | ||
| + | *[http://www.time.com/time/europe/magazine/article/0,13005,901060213-1156507,00.html Article on Mittal with background on Arcelor takeover bid] - ''[[Time (magazine)|Time]]'' | ||
| + | *[http://business.timesonline.co.uk/article/0,,9072-1521099,00.html Article on Mittal] - Times Online | ||
| + | *[http://www.indobase.com/indians-abroad/laxmi-mittal.html Biography of Lakshmi Mittal] | ||
| + | *[http://news.bbc.co.uk/1/hi/uk_politics/1818955.stm Q&A on the "Mittalgate" scandal] - [[BBC News]] | ||
| + | *[http://news.bbc.co.uk/1/hi/world/south_asia/3830009.stm BBC - ""Glimpsing a Fairytale Wedding""] - [[BBC News]] | ||
| + | *[http://www.webindia123.com/personal/abroad/mittal.htm Personal information] - webindia123.com | ||
| + | *[http://yachts.monacoeye.com/pages/20070518amevi02.html Amevi] - Photo of Mittal's new 80m (262'5") yacht, [http://www.powerandmotoryacht.com/megayachts/megayacht%2Damevi%2D2007/|ranked #32]of World’s 100 Largest Yachts 2007 by [[Power & Motoryacht Magazine]] | ||
| + | *[http://www.agarwaltoday.com/jul061.html Proud to be Indian] - Agarwal Today.com Report | ||
{{wikinews|Arcelor declares merger with Mittal Steel}} | {{wikinews|Arcelor declares merger with Mittal Steel}} | ||
*[http://www.arcelormittal.com/ Arcelor Mittal] — Official website | *[http://www.arcelormittal.com/ Arcelor Mittal] — Official website | ||
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[[Category:Arcelor Mittal| ]] | [[Category:Arcelor Mittal| ]] | ||
| + | [[Category:Arcelor Mittal|*]] | ||
| + | [[Category:Indian businesspeople|Mittal, Lakshmi]] | ||
| + | [[Category:Businesspeople in steel|Mittal]] | ||
| + | [[Category:British political scandals|Mittal]] | ||
| + | [[Category:University of Calcutta alumni|Mittal, Lakshmi]] | ||
| + | [[Category:Labour Party (UK)|Mittal]] | ||
| + | [[Category:Businesspeople of Indian descent|Mittal]] | ||
| + | [[Category:People from Rajasthan|Mittal, Lakshmi]] | ||
| + | [[Category:Indian expatriates|Mittal]] | ||
| + | [[Category:British Asians|Mittal, Lakshmi]] | ||
| + | [[Category:British Hindus|Mittal, Lakshmi]] | ||
| + | [[Category:1950 births|Mittal]] | ||
| + | [[Category:Living people|Mittal]] | ||
| + | [[Category:Indian billionaires|Mittal]] | ||
| + | [[Category:Padma Vibhushan recipients]] | ||
| + | [[Category:Indian Britons]] | ||
| + | [[Category:British billionaires|Mittal, Lakshmi]] | ||
{{credits|Arcelor_Mittal|205298772|Lakshmi_Mittal|210316325}} | {{credits|Arcelor_Mittal|205298772|Lakshmi_Mittal|210316325}} | ||
Revision as of 01:04, 7 May 2008
| ArcelorMittal | |
| 180px | |
| Type | Public (Euronext: MT, NYSE: MT, BMAD: MTS, LuxSE: MT) |
|---|---|
| Founded | 2006 |
| Headquarters |  19, avenue de la Liberté, Luxembourg City, Luxembourg
|
| Key people | Joseph Kinsch, Chairman, Lakshmi Mittal, President & CEO
|
| Industry | Steel |
| Products | Steel, Flat Steel products, Coated Steel, Tubes and Pipes |
| Revenue |  $105.00 billion USD (2007)
|
| Operating income | $10.00 billion (2007)
|
| Employees | 320,000 (2006)
|
| Slogan | Transforming Tomorrow |
| Website | www.arcelormittal.com
|
ArcelorMittal (Euronext: MT, NYSE: MT, BMAD: MTS, LuxSE: MT) is the largest steel company in the world.[1][2] The company was founded in 2006 when Arcelor and Mittal Steel merged. The company is headquartered in Luxembourg City, in southern Luxembourg, the former seat of Arcelor.
Organizational structure
Lakshmi Mittal (owner of Mittal Steel) is the president and CEO. Mittal's family will hold a 43.6% stake in this company. Counting all shareholders, 50.6% will be former Arcelor shareholders and 49.4% will be former Mittal shareholders.
In addition to Lakshmi Mittal as president and CEO, the Board of Directors of the company consists of eighteen non-executive members with six nominated by Mittal, three chosen independently, six nominated by Arcelor, three chosen by existing Arcelor shareholders and three employee representatives.
Business
The company is headquartered in Luxembourg, though Lakshmi Mittal works out of offices in Berkeley Square in London. In its current form, it is expected to have a planned capacity of 120 million tonnes. Its annual revenues are expected to be around $108 billion, earnings of $20 billion and market capitalization of about $96 billion and will have 320,000 employees.
Mittal invested more than 33 billion dollars to take over Arcelor. Arcelor shareholders will receive 13 Mittal Steel shares and 155.60 euros in cash for 12 Arcelor shares. Mittal Steel is also offering 13 Mittal Steel shares and 188.42 euros in cash for 12 Arcelor convertible bonds. Current Arcelor shareholders will own 50.5 per cent of the combined group and the Mittal family 43.6 per cent of the capital and voting rights. The company's profit went up by 40% after the merger.
Lakshmi Mittal
| Lakshmi Mittal | |
 | |
| Born | June 15 1950 (age 73) Sadulpur, Rajasthan, India |
|---|---|
| Residence | Kensington, London |
| Occupation | Chairman & CEO of Arcelor Mittal |
| Net worth | 
|
| Religious beliefs | Hinduism[citation needed] |
| Website Profile on mittalsteel.com | |
Lakshmi Narayan Mittal[3] (or Lakshmi Niwas Mittal) (born June 15, 1950) is a London-based Indian billionaire industrialist, born in Sadulpur village, in the Churu district of Rajasthan, India, and resides in Kensington, London. He is the richest man in Europe and the fourth richest person in the world, with a personal fortune of US$45.0 billion according to Forbes magazine.[4][5]
The Financial Times named Mittal its 2006 Person of the Year. In May 2007, he was named one of the "100 most influential people" by Time magazine.
Biography
Early years
Lakshmi spent his first years in India, living with his extended family on bare floors and rope beds in a house built by his grandfather. His family was from humble roots; his grandfather worked for the Tarachand Ghanshyamdas Poddar firm, one of the leading industrial firms of pre-independence India. They eventually moved to Calcutta where his father, Mohan, became a partner in a steel company and made a fortune.
He graduated from St. Xavier's College in Calcutta (now known as Kolkata) with a Bachelor of Commerce degree[6] in Business and Accounting in 1969 [7].
Career
Lakshmi Mittal began his career working in the family's steelmaking business in India, and in 1976, when the family founded its own steel business, Mittal set out to establish its international division, beginning with the buying of a run-down plant in Indonesia. Shortly afterwards he married Usha, the daughter of a well-to-do moneylender. In 1994, due to differences with his father and brothers, he branched out on his own, taking over the international operations of the Mittal steel business, which was already owned by the family. Mittal's family never spoke publicly about the reason that caused the split.
The Mittal Affair: "Cash for Influence"
Controversy erupted in 2002 as Plaid MP Adam Price exposed the link between UK prime minister Tony Blair and Mittal in the Mittal Affair, also known as 'Garbagegate' or Cash for Influence.[8][9] [10] Mittal's LNM steel company, registered in the Dutch Antilles and maintaining less than 1% of its 100,000 plus workforce in the UK, sought Blair's aid in its bid to purchase Romania's state steel industry. [11] The letter from Blair to the Romanian government, a copy of which Price was able to obtain, hinted that the privatisation of the firm and sale to Mittal might help smooth the way for Romania's entry into the European Union.[12]
The letter had a passage in it removed just prior to Blair's signing of it, describing Mittal as "a friend."[13]
In exchange for Blair's support Mittal, already a Labour contributor, donated £125,000 more to Labour party funds a week after the 2001 UK General Elections, while as many as six-thousand Welsh steelworkers were laid off that same year, Price and others pointed out. As well as this, Mittal has technically been residing in the United Kingdom illegally for over 14 years[citation needed], however with his political connections and adversaries it is unlikely that he will be forced to leave. Because of this, he has been included on many unofficial Wealth-indicative lists as the richest man in the United Kingdom, when in actuality, the List held by the UK and Channel Island Treasury Authority lists no mention of name "Lakshmi(or derivatives) Mittal." Corus Group and Valkia Limited were two of the primary employers in south Wales, particularly in Ebbw Vale, Llanwern, and Port Talbot.[14].
Today
Since 2005, Mittal has been the richest person residing in the United Kingdom. He is the President of the Board of Directors and CEO of ArcelorMittal; ArcelorMittal is the world's largest producer of steel, with assets in France, Belgium, Romania, Bosnia-Herzegovina, South Africa, Poland, Czech Republic, Indonesia, Kazakhstan, Canada, Bulgaria, United States, Trinidad,Brazil and Mexico. On July 13, 2005 it was announced that he had donated £2 million to the Labour Party, and on January 16 2007 it was announced that he had donated a further £3 million.[citation needed]
Personal wealth
In March 2008, Mittal was reported to be the 4th wealthiest person in the world by Forbes Magazine (up from 61st richest in 2004) up one place since a year ago. The Mittal family owns 44% of Arcelor Mittal, the world's largest steel company.[15]
His residence at 18-19 Kensington Palace Gardens was bought from Formula One boss Bernie Ecclestone in 2004 for $128 million (£57 million), making it the world's most expensive house.[16]
Mittal has two children. His son, Aditya Mittal, is the CFO of Arcelor Mittal. Mittal paid over $60 million (£30 million) to host his daughter Vanisha Mittal's wedding celebration in Vaux le Vicomte on 22 June 2004 and an engagement ceremony at the Palace of Versailles on 20 June 2004, the world's most expensive wedding ever. He even hosted a Bollywood night where superstars like Rani Mukerji, Saif Ali Khan, Shahrukh Khan and Aishwarya Rai performed. Kylie Minogue also sang on stage.[17]
Mittal's house in Kensington, London is decorated with marble taken from the same quarry that supplied the Taj Mahal. The extravagant show of wealth has been deemed the "Taj Mittal."[18]
Queens Park Rangers
Recently, Mittal had emerged as a leading contender to buy Barclays Premiership clubs Wigan and Everton. However on 20 December 2007 it was announced that the Mittal family had purchased a 20 per cent shareholding in Queens Park Rangers football club joining Flavio Briatore and Mittal's friend Bernie Ecclestone.[19] [20] As part of the investment Mittal's son-in-law, Amit Bhatia, took a place on the board of directors. The combined investment in the struggling club sparked suggestions that Mittal might be looking to join the growing ranks of wealthy individuals investing heavily in English football and emulating other similar benefactors such as Roman Abramovich.[21]
Charity
After witnessing India win only one medal, bronze, in the 2000 Olympics, and one medal, silver, at the 2004 Olympics, Mittal decided to set up Mittal Champions Trust with US$9 million to support 10 Indian athletes with world-beating potential.[22]
For Comic Relief 2007, he matched the money raised (~£1 million) on the celebrity special BBC programme, The Apprentice.
Criticism
Employees of Mittal have accused him of "slave labour" conditions after multiple fatalities in his mines.[23]
Awards
- 2008: Padma Vibhushan
- 2007: Bessemer Gold Medal
- 2006: Person of the Year - Financial Times
- 2004: European Businessman of the Year - Fortune magazine
- 1998: Willy Korf Steel Vision Award - American Metal Market and PaineWeber’s World Steel Dynamics
- 1996: Steelmaker of the Year - New Steel
See also
- Arcelor Mittal
- List of billionaires
- Agrawal
- Nattal Sahu
ReferencesISBN links support NWE through referral fees
- ↑ ArcelorMittal sees profit up 40%. BBC News (2007-05-16).
- ↑ World Steel in Figures. International Iron and Steel Institute (2006).
- ↑ http://www.investingvalue.com/investment-leaders/lakshmi-mittal/index.htm | Lakshmi Mittal Biography | accessdate=2007-07-21
- ↑ #1 Lakshmi Mittal - Forbes.com
- ↑ BBC NEWS | Business | Foreigners dominate UK rich list
- ↑ http://www.investingvalue.com/investment-leaders/lakshmi-mittal/index.htm | Lakshmi Mittal Biography | accessdate=2007-07-21
- ↑ Personalities in India - Personalities abroad -Lakshmi Mittal
- ↑ Plaid reveals Labour steel cash link Monday, 11 February, 2002, extracted 11-01-07
- ↑ Lakshmi Mittal, steel mill millionaire Thursday, 14 February, 2002, extracted 11-01-07
- ↑ Q&A: 'Garbagegate' Thursday, 14 February, 2002 extracted 11-01-07
- ↑ Q&A: 'Garbagegate' Thursday, 14 February, 2002 extracted 11-01-07
- ↑ Plaid reveals Labour steel cash link Monday, 11 February, 2002, extracted 11-01-07
- ↑ Q&A: 'Garbagegate' 14 February, 2002, extracted 11-01-07
- ↑ Steel firm condemns 'Mittal aid' Monday, 18 February, 2002, 14:47 GMT extracted 11-01-07
- ↑ "Mittal announces bid for rival Arcelor", The Guardian, January 27, 2006.
- ↑ "$128M Spend for London House", MSNBC, April 12, 2004.
- ↑ Welcome to WeddingSutra.com : Vanisha and Amit
- ↑ Takeover Week: Billionaires Row (Rob) - Google Sightseeing
- ↑ "QPR secure huge investment boost", BBC. Retrieved 2007-12-20.
- ↑ F1 magnates to take over at QPR from BBC Sport
- ↑ Lakshmi Mittal pushes QPR up the rich list by Kevin Garside, Daily Telegraph, 21 December 2007
- ↑ DNA - Sport - Mittal’s Olympic dream is worth Rs 40 crore - Daily News & Analysis
- ↑ UK’s richest man in slave labour row
References
- Arcelor Mittal facts on TheStar.com
- Questions for the Arcelor Mittal Deal
- Timeline of the Mittal Arcelor Deal - Financial Times
- Lakshmi Nivas Mittal (Man of Steel) - MSNBC
- Google Finance: Arcelor Mittal
External links
- Cleveland News article about Ohio Citizen Action's struggle with one of Mittal's steel mills
- Lakshmi Mittal - Heads up rich list
- ArcelorMittal website
- Article on Mittal with background on Arcelor takeover bid - Time
- Article on Mittal - Times Online
- Biography of Lakshmi Mittal
- Q&A on the "Mittalgate" scandal - BBC News
- BBC - ""Glimpsing a Fairytale Wedding"" - BBC News
- Personal information - webindia123.com
- Amevi - Photo of Mittal's new 80m (262'5") yacht, #32of World’s 100 Largest Yachts 2007 by Power & Motoryacht Magazine
- Proud to be Indian - Agarwal Today.com Report
- Arcelor Mittal — Official website
- Arcelor Mittal WebTV — Official WebTV/blog
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