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Author Topic: The World's Billionaires #8 Lakshmi Mittal  (Read 1117 times)

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The World's Billionaires #8 Lakshmi Mittal
« on: February 26, 2010, 01:47:27 PM »
Lakshmi Mittal

Ranks # 8  Among the world's Billionare

Net Worth:$19.3 billion dollar
Fortune:inherited and growing
Source:steel
Age:58
Country Of Citizenship:India
Residence:London
Industry:Steel
Education:St Xavier's College Calcutta, Bachelor of Arts / Science,
Marital Status:married, 2 children


Indian immigrant heads world's largest steel company; ArcelorMittal was formed via hostile takeover 3 years ago. Stock in company makes up bulk of his fortune; shares at a 4-year low with steel prices down 75% since last summer. Company forced to pay heavy fines after a French antitrust investigation found 10 companies guilty of price-fixing in European steel markets. Arcelor posted $2.6 billion loss in most recent quarter; announced plans to slow acquisitions, cut capital expenditures, pay down debt. Started in family steel business in the 1970s, branched out on his own in 1994. Initially bought up steel mills on the cheap in Eastern Europe. Company bought 19.9% stake in Australia's Macarthur Coal last year. Also owns pieces of Mumbai's Indiabulls Group, London's RAB Capital; owns stake in, sits on board of Goldman Sachs. Holds substantial cash; owns 12-bedroom mansion in London's posh Kensington neighborhood.
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