Lakshmi Mittal

Obama cites ArcelorMittal's example for economic revival

Barack-ObamaWashington, Nov 15 : President Barack Obama chose a plant owned by Indian steel tycoon Lakshmi Mittal that is the largest supplier of steel to the US auto manufacturing sector to tout his administration's work to spur economic growth.

"I want to thank your CEO, Lakshmi Mittal, for investing in America and the Cleveland area. We appreciate him," Obama said amid applause from workers in yellow hard hats at ArcelorMittal's steel factory in Cleveland, Ohio, Thursday.


French President urges Lakshmi Mittal to avert closure of furnaces

French President urges Lakshmi Mittal to avert closure of furnaces France's President Francois Hollande has urged Lakshmi Mittal- the owner of the world's largest steel-maker ArcelorMittal - to keep two idle blast furnaces in northeastern France running.

Indian steel magnate Mittal has so far defied proposals to sell the whole Florange steelworks to enable a state takeover. He has repeatedly warned that he would just close the idled blast furnaces in case no private buyer shows interest in acquiring them by the December 1 deadline.


Mittal to acquire UK assets from Lafarge, Anglo American

Mittal to acquire UK assets from Lafarge, Anglo AmericanUK based Indian steel tycoon, Lakshmi Mittal is set to acquire several assets of Lafarge and Anglo American.

The Britain's Competition Commission had set a condition for Lafarge and Anglo American to sell their units in order to be able to obtain clearances for combining their building materials activities in the country. Mittal will acquire 172 readymix concrete plants and five aggregates quarries, as well as the Hope cement plant in Derbyshire.


ArcelorMittal records loss of $709 million

ArcelorMittal records loss of $709 millionWorld's largest steelmaker, ArcelorMittal has reported a loss of $709 million during the third quarter of the previous year compared to a profit of $659 million during the same quarter of the previous year.

The Luxembourg-based company’s Earnings before interest, taxes, depreciation and amortization fell to $1.34 billion during the quarter compared to $2.41 billion during the same quarter of the previous year. The earnings are mostly in line with the market expectations for the quarter. The company expects the Ebitda for the whole year to be about $7 billion.


ArcelorMittal Q1 Net Profit Declines

ArcelorMittal Q1 Net Profit DeclinesArcelorMittal, the globe’s largest steel manufacturer, registered a sharp decline in its net profit for the first quarter, declaring earnings of $11 million as against $1.069 billion for the corresponding period of the last year.

But, the outcomes were an improvement over the fourth quarterly period of the last year (2011), when the company registered a loss of around $1 billion.


Mukesh, Lakshmi Among Top 10 In Forbes Billionaire List

Mukesh Ambani, Lakshmi MittalAce Indians Mukesh Ambani and Lakshmi Mittal named among world's top ten billionaires as Mexican mogul Carlo Slim Helu hit Americans Bill Gates and Warren Buffett to turn out to be the most affluent person on earth.

In addition to fourth placed RIL chairman Ambani and fifth positioned steel czar Mittal, four other Indian residents were named among top fifty in 2010 Forbes list of the World's Billionaires released on Wednesday with 49 Indians joining company with the world's 1,011 wealthiest people.


Steel magnate Lakshmi Mittal tops 2009 UK football rich list

Lakshmi MittalLondon, Oct. 8 : London-based steel magnate Lakshmi Mittal stands at the top of a football rich list prepared by the sports-oriented web site FourFourTwo. com.

According to The Sun, the wealthiest people connected to the British game is as follows:

1. Lakshmi Mittal, QPR, £18.4bn

2. Sheikh Mansour bin Zayed Al Nahyan, Man City, £17bn

3. Roman Abramovich, Chelsea, £7.8bn

4. Joe Lewis, Tottenham, £2.5bn

5. Stan Kroenke, Arsenal, £2.079bn

6. Denis O''''Brien, Celtic, £1.73bn

7. Malcolm Glazer and family, Man United, £1.5bn


Mittal may buy out Briatore from QPR after F-1 match fixing controversy

Mittal may buy out Briatore from QPR after F-1 match fixing controversyLondon, Sep 20 : Steel tycoon Lakshmi Mittal is now considering buying out Falvio Briatore stake at Queens Park Rangers after he was engulfed in controversy as manager of Renault’s Formula One team.

Briatore, the Italian playboy, ordered a racing driver to crash his car deliberately last year, costing him his job.


Steel maker ArcelorMittal posts first quarter lost

ArcelorMittalLuxembourg - ArcelorMittal, the world's biggest steel producer on Wednesday posted a first quarter net loss of around 1.1 billion dollars, down from a profit of 2.4 billion a year ago. Quarterly sales halved from around 30 billion dollars to 15 billion dollars, the Luxembourg-based company announced.

ArcelorMittal's earnings before interest, tax, depreciation and amortization (EBITDA) fell by 2.8 billion dollars to 883 million dollars).

CEO Lakshmi Mittal said he expected to see a second quarter improvement in EBITA to up 1.5 billion dollars. The company's liquidity remains healthy.


Steel baron Mittal, Ambani brothers among Forbes’ top-ten super-rich

Lakshmi Mittal, Mukesh AmbaniWashington, Mar 10 : Twenty-four Indians have made it into the Forbes magazine’s list of ‘World’s Richest’ with Steel tycoon Lakshmi Mittal in fourth place.

Four Indians made it to the top 10, including Mukesh Ambani, Anil Ambani and K. P. Singh in the fifth, sixth and eighth places respectively.

After 13 years at the top, Microsoft founder Bill Gates is no longer the richest man in the world. That honor now belongs to his friend and Microsoft co-founder Warren Buffett.


Mittal tops Abramovich in world’s richest footie club owners list

London, Jan. 7: Indian-born steel baron Lakshmi Mittal has pushed Russo-Latvian billionaire Roman Abramovich down the rankings in the latest world top 20 rich list of football club owners.

According to The Mirror, Mittal and his family, which owns the football club QPR, are worth 12.5 billion pounds, as opposed to Abramovich, who owns Chelsea, and is worth seven billion pounds.

Manchester City football club owner Sheikh Mansour bin Zayed Al Nahyan with earnings of 15 billion pounds is the only person ranked above Mittal, says the tabloid.

Abramovich was at the top the football club owners rich list from 2003 to 2008. Abramovich is believed to have lost a third of that in the world economic downturn.

The Rich List Top 20:


L N Mittal is now the Chairman of World Steel Association

It is a day for the nation to rejoice as Steel Tycoon L N Mittal, the L N Mittal is now the Chairman of World Steel AssociationArcelorMittal CEO has been elected as the Chairman of the World Steel Association, a representative body which includes 180 steel producers all over the world.

The announcement was made on the first day of World Steel Association’s 42nd annual conference in Washington. Mittal who earlier also held the position in its executive committee now has been presented with the most coveted position in the body.


Lakshmi Mittal is Special Sits loser

ArcelorMittalLondon, Sept. 11 : Indian-born billionaire businessman Lakshmi Mittal is sitting on a big paper loss.

With a net worth estimated by Forbes magazine to be 45 billion dollars, the 48 per cent slump in the RAB Special Sits fund this year and the 66 per cent fall in the RAB share price, will not make much of a dent in his finances, but will trouble him nonetheless.

The most valuable asset in Mittal’s investment portfolio is his 43 per cent stake in ArcelorMittal. Although the stock has fallen more than 36 per cent from its June high, the shares are still worth some €26.5bn (£21bn).


Mittal warns that delays raising costs of India projects

New Delhi, Sept 10 : Arcelor Mittal is facing cost overruns for its projects in India because of delays in securing regulatory approvals, and is looking to expand in other emerging markets, said its chairman, Lakshmi Mittal, today.

Arcelor Mittal, the world''s top steelmaker, had said it would invest 20 billion dollars over the next 10 years to build two steel plants in Jharkhand and Orissa to produce about 25 million tonnes of steel in total.

Addressing reporters here, Mittal said the costs could rise by about 50 percent because of delays in getting the necessary approvals and mine allocations,


Lakshmi Mittal joins board of directors of Goldman Sach Group

Indian-origin steel magnate Lakshmi Mittal has joined the board of Lakshmi Mittal joins board of directors of Goldman Sach Groupdirectors of Goldman Sachs Group Inc.

Mittal, the chairman and CEO of the world's largest steelmaker ArcelorMittal, joined Goldman's 12-member board as an independent director. He will serve on the audit, compensation, corporate governance and nominating committees of the board.

Mittal is the second Indian on the board after Rajat Gupta, a senior partner at Mckinsey.


Arcelor-Mittal targets global iron ore and coking coal lock-up

Arcelor-Mittal acquires nearly 15 percent stake of Australian coal giant MacarthurMelbourne, May 23 : Steel tycoon Lakshmi Mittal's decision to spend 630 million Australian dollars for a 14.9 percent stake in Australia's Macarthur Coal is aimed at cornering supplies of iron ore and coking coal for his global steel giant, ArcelorMittal.

According to The Australian, Mittal, whose family’s 45 percent stake in Arcelor-Mittal is worth more than 60 billion dollars, is concerned at the recent sharp rise in steel input costs, which in turn have pushed up production costs.


Lakshmi Mittal buys world’s costliest home for son

Lakshmi Mittal buys world’s costliest home for sonLondon, May 23 : Steel magnate Lakshmi Mittal is reportedly the buyer of the world’s costliest home after it was put up for sale at 117 million pounds.

The 57-year-old India born tycoon, who denies being the buyer, has apparently bought the palatial residence, on a street dubbed Billionaires’ Row, for son Aditya, 32.

Lakshmi is believed to be close to exchanging contracts with owner Noam Gottesman, 47, a US-born financier.


Mittal seeks 25 percent stake in China’s second largest steel firm

ArcelorMittalLondon, May 5: ArcelorMittal, the world’s biggest steel producer, is keen to have a 25 percent stake in China’s second largest steel firm, Angang Steel, in an effort to extend its presence in that country.

Lakshmi Mittal, the main owner of ArcelorMittal, is said to have made this proposal to Zhang Xiaogang, Angang’s chairman, in a private meeting just over two months ago.


Steel tycoon Mital, Hinduja brothers in 2008 Sunday Times Rich List

Steel tycoon Lakshmi MittalLondon, Apr. 26 : Steel tycoon Lakshmi Mittal and two of the four Hinduja brothers – Srichand and Gopichand – have been listed in the 2008 Sunday Times Rich List.

According to The Telegraph, Mittal has been valued at 27,700 million pounds and heads the list, while the two Hinduja brothers have been listed fourth in the world’s top ten richest persons.

The list is as follows:

1. Lakshmi Mittal and family

2. Roman Abramovich

3. The Duke of Westminster

4. Sri and Gopi Hinduja

5. Alisher Usmanov


Mittal to sell his 40 million pound home

London, Feb.29: Indian-born steel magnate Lakshmi Mittal will sell his 40 million pound house in London's "Billionaires' Row" after Barratt Homes was granted permission to build flats next door.

Lakshmi Mittal led the opposition of his well-heeled neighbours when the house builder applied for permission to put up an apartment block in The Bishops Avenue, Hampstead.

According to The Telegraph, each of the luxury flats are being marketed at between four million pounds and 11 million pounds each, leading Mittal to put his Summer Palace, on the market.

Mittal, whose fortune is estimated at 51 billion pounds, was unavailable for comment. (ANI)


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