Lakshmi Mittal Net Worth
Lakshmi Mittal, the chairman and CEO of ArcelorMittal, has a net worth of $18 billion. He was born into a wealthy Indian steel family and started his career by working in the family steelmaking business. Mittal made his fortune in the steel business and eventually started his own steel business in Indonesia, which became ArcelorMittal. He is one of the richest people in India.
Mittal has been a pioneer in the development of integrated mini-mills and the use of “DRI” (direct reduced iron) used as a scrap substitute for steelmaking. He led the consolidation process of the global steel industry and was named one of the “100 Most Influential People” by Time magazine in May 2007.
Mittal’s company has not been free from controversy, however, with many accusing him of exploiting “slave labor” conditions in his mines around the world. He has also been involved in several other controversies involving political corruption and the working conditions through which he has accumulated his vast wealth.
Despite the controversies, Mittal is known for his philanthropy, particularly his funding of a program to support Indian athletes in the Olympics following his disappointment in India’s showing.
Lakshmi Mittal owns a 37 percent stake in ArcelorMittal, which he purchased in 2006 for $38.3 billion. In 2016, he purchased 472 million shares of ArcelorMittal. He owns three mansions on “Billionaire’s Row” in London, which he spent more than $470 million for. In addition, Mittal owns 41 percent of stainless steel maker Aperam.