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Is an Indian steel tycoon and the chairman and chief executive officer of ArcelorMittal As of July 2010, Mittal is the richest man in Europe[8] and the fifth richest in the world with a personal wealth of US$28. billion or ? 19. 3 billion. [9] The Financial Times named Mittal Person of the Year in 2006. In May 2007, he was named one of the "100 Most Influential People" by Time magazine. He serves as a non-executive director of Goldman Sachs, EADS and ICICI Bank[10] and is presently the vice chairman of the World Steel Association.
Mittal is a member of the Foreign Investment Council in Kazakhstan, the International Investment Council in South Africa, the World Economic Forum’s International Business Council and the International Iron and Steel Institute’s Executive Committee. 11] He is a member in the Advisory Board of the Kellogg School of Management and is part of St. Xavier's College, Calcutta Alumni Association, London Chapter. Early life He was born in Sadulpur village, in the Churu district of Rajasthan, India.
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Lakshmi Nivas Mittal was born into a business family of Rajasthan. He comes from a wealthy Indian steel family - his father, Mohan Lal Mittal, ran a steel business, Nippon Denro Ispat. Until the 1990s, the family's main assets in India were a cold-rolling mill for sheet steels in Nagpur and an alloy steels plant near Pune.
Today, the family business, including a large integrated steel plant near Mumbai, is run by Lakshmi's brothers, Pramod and Vinod, but Lakshmi has no connection with it. Mittal started his career working in the family's steelmaking business in India, and in 1976, when the family founded its own steel business, he 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 1976, due to differences with his father, mother and brothers, he branched out on his the LNM Group, and he has been responsible for the development of its businesses ever since. Mittal Steel is a global steel producer with operations in 14 countries. Mittal pioneered the development of integrated mini-mills and the use of direct reduced iron or "DRI" as a scrap substitute for steelmaking and led the consolidation process of the global steel industry. Mittal Steel is the largest steelmaker in the world, with shipments of 42. 1 million tons of steel and profits of over $22 billion in 2004.
Mittal was awarded Fortune magazine's "European Businessman of the Year 2004" and also "Steelmaker of the Year" in 1996 by New Steel, and the "Willy Korf Steel Vision Award" in 1998, for outstanding vision, entrepreneurship, leadership and success in global steel development from American Metal Market and PaineWeber’s World Steel Dynamics. In 2002, he was involved in a political scandal with British Prime Minister Tony Blair, when a donation he made to the Labour party led to Blair's intervention in a business deal favoring Mittal. It was announced later that he donated ? 2 million to the Labour Party.
Also conducting charitable activity at his home town Family Lakshmi Mittal's father is Mohan Lal Mittal and his brother is Pramod. Honors and awards * 2008 : Mr. Mittal has been a director of Goldman Sachs since June 2008. * 2007: He was awarded Padma Vibhushan 'second in the hierarchy of civilian awards' by the President of India. [33] * 2007: He was awarded Dwight D. Eisenhower Global Leadership Award, Grand Cross of Civil Merit from Spain and "Fellowship from King's College". [33] * 2006: He was awarded International Newsmaker of the year by Time Magazine and the "Person of the year 2006" by Financial Times. 2004: He was awarded by Fortune magazine - European Businessman of the Year. * 1998: Willy Korf Steel Vision Award - American Metal Market and PaineWeber’s World Steel Dynamics * 1996: Steelmaker of the Year - New Steel * 2010: "Dostyk" 1, the highest civilian award of Kazakhstan for his contribution to the development of Republic of Kazakhstan | Type| Societe Anonyme (Euronext: MT, NYSE: MT, BMAD: MTS, LuxSE: MT)| Industry| Steel| Founded| 2006| Headquarters| Avenue de la Liberte, Luxembourg. | Area served| Worldwide| Key people| Lakshmi Mittal (Chairman and CEO) Aditya Mittal (CFO)|
Products| Steel, flat steel products, long steel products, stainless steel, wire products, plates| Website| http://www. arcelormittal. com/| ArcelorMittal is a global steel company headquartered in Avenue de la Liberte, Luxembourg, Luxembourg. It is the largest steel producing company in the world[2] and is the market leader in steel for use in automotive, construction, household appliances and packaging. It holds sizeable captive supplies of raw materials and operates extensive distribution networks. The company was formed in 2006 by the merger of Arcelor and Mittal Steel. It ranks 99th on the 2010 Fortune Global 500 list.
History Its industrial presence in Europe, Asia, Africa and the Americas gives the Group exposure to all the key steel markets, from emerging to mature. ArcelorMittal is looking to develop positions in the high-growth Indian and Chinese markets. ArcelorMittal key financials for 2007 show revenues of US$105. 2 billion, with a crude steel production of 116 million tonnes, representing around 10% of world steel output. ArcelorMittal is listed on the stock exchanges of New York, Amsterdam, Paris, Brussels, Luxembourg and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia. 3] As of 4 November 2008, the market capitalisation of ArcelorMittal was $35. 37B. [4] In December, 2008, ArcelorMittal announced several plant closings, including the former Bethlehem Steel plant in Lackawanna, NY and LTV Steel in Hennepin, IL. On 30 June 2010, the European Commission fined 17 steel producers a total of €518m today for running a price-fixing cartel, with ArcelorMittal hit the hardest. Organizational structure Lakshmi Mittal (owner of Mittal Steel), a non-resident Indian, is the Chairman and CEO.
The composition of ArcelorMittal's Group Management Board is as follows: Lakshmi N. Mittal (Chairman and CEO), Aditya Mittal (CFO), Michel Wurth, Gonzalo Urquijo, Sudhir Maheshwari, Christophe Cornier, Davinder Chugh and Peter Kukielski. ArcelorMittal's 11-member Board of Directors is responsible for the overall supervision of the company. The composition of the Board of Directors reflects the principles agreed in the memorandum of understanding dated 25 June 2006. [edit] Head office The head office of ArcelorMittal is in Luxembourg City, and 600 employees work there.
The building was the head office of Arbed before that company merged with Aceralia and Usinor. [5] Headquarters in Luxembourg City Achievements ArcelorMittal is the world's largest steel company, producing 116 million tons of steel each year in Europe, Asia, Africa and the Americas. This year, year, through the ArcelorMittal Foundation, the multinational firm is drawing on its size and expertise in steel production to implement a visionary plan with Habitat for Humanity to build better, more affordable housing with families in need of simple, decent shelter across the globe.
Achievements in 2008 • Flood relief in Romania. When the Tecucel River flooded and destroyed 304 homes, ArcelorMittal Foundation joined Habitat for Humanity’s efforts to improve affected families’ lives. The ArcelorMittal Foundation provided funding for materials and technical support to 54 homeowners as they undertook major renovations to make their homes livable once again. • Community development in Argentina. For impoverished families living outside of Buenos Aires, Argentina, a decent, sturdy home offers a new chance at life.
ArcelorMittal Foundation supported the construction of 10 new two- and three-bedroom homes built with traditional bricks, steel reinforcements and corrugated iron roofing on a wooden ceiling. The families are involved in the planning and construction of their new community and have worked hand in hand with ArcelorMittal Foundation and other Habitat volunteers to make their dream a reality. • Disaster mitigation in Costa Rica Community. San Roman is a vulnerable community in Costa Rica, prone to both earthquakes and hurricanes.
ArcelorMittal Foundation will be working with Habitat for Humanity to build more durable homes using steel structures and roofing that can better withstand these types of natural disasters and to train communities in safer construction practices. ArcelorMittal Foundation funding is also directly responsible for the construction of 25 new homes that are part of a larger project to build 58 safe homes for low-income families in San Roman. • “Casa Buna” prototype in Romania. Simple, decent and affordable.
This is Habitat for Humanity’s philosophy as it seeks new models of home construction to better, more affordably shelter vulnerable families around the world. ArcelorMittal Foundation rose to the challenge and began work with Habitat teams to develop a steel-intensive housing solution in line with these principals. The resulting “Casa Buna” prototype, literally meaning “Good House” in Romanian, is a four-unit home over two floors that can be easily constructed by unskilled or semi-skilled volunteers and that has a durable, long life span.
The Casa Buna demonstration prototype was constructed in the ArcelorMittal facility in Pantelimon, Bucharest and uses a steel frame superstructure, steel roof tile system, steel rainwater extraction system, and – besides a traditional facade - a steel cladding. The model has also been tested for energy efficiency and carefully assessed to ensure family comfort and adequate living space. Finally, the constitutive elements are easily transportable as a “flat pack” construction kit to ensure Habitat for Humanity projects in many regions can benefit from this new technology.
Lakshmi Mittal: Steel Tycoon and Philanthropist. (2020, Jun 02). Retrieved from https://studymoose.com/lakshmi-mittal-project-new-essay
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