Lakshmi Mittal

Lakshmi Niwas Mittal is an Indian billionaire businessman and the executive chairman of ArcelorMittal, the world's second-largest steel producer. Born in Sadulpur, Rajasthan, he transformed from a modest salt merchant's son into a global industrial titan through aggressive acquisitions that reshaped the steel industry. As of 2026, he remains the largest shareholder of ArcelorMittal, holding a controlling stake alongside his son Aditya, who serves as CEO.

Beyond steel, Mittal owns 75% of the Rajasthan Royals cricket team in the Indian Premier League and chairs Aperam, a leading stainless steel company. In 2025, the family relocated their primary residence from the United Kingdom to Switzerland and the United Arab Emirates, reflecting a strategic shift in their lifestyle and business operations. His influence extends beyond corporate boardrooms into philanthropy through the Lakshmi Mittal and Family South Asia Institute at Harvard University. [edit]

Lakshmi Mittal was born on June 15, 1950, in Sadulpur, a small town in the Rajasthan region of India. He grew up in a household where his father, Ram Krishna Mittal, ran a small trading business dealing in salt, while his mother, Kamla Devi, managed the home. Despite these humble beginnings, young Lakshmi displayed a keen aptitude for commerce and negotiation. He completed his early schooling in India before moving to London in the late 1960s to pursue higher education.

He studied at the Shri Daulatram Nopany Institute of Management Studies and later earned a degree in commerce from Delhi University. Although he attended the London School of Economics to study economics, some accounts suggest he did not complete a formal degree there, preferring instead to gain practical market experience. This period in London proved pivotal, exposing him to international trade dynamics that would later define his career.

His entry into the steel industry began in 1976 when he moved to Indonesia with just $20,000 in capital. He purchased a distressed steel plant in Jakarta, which became the foundation of his empire. This initial venture demonstrated his willingness to take calculated risks in volatile markets. By the mid-1980s, he had expanded his operations to Singapore and other Southeast Asian countries, acquiring struggling mills and turning them profitable. His strategy involved buying undervalued assets in developing nations, modernizing them, and integrating them into a larger supply chain. [edit]

Mittal's rise to prominence accelerated in the 1990s as he entered the European market. In 1991, he purchased a steel plant in the Czech Republic, signaling his intent to challenge Western dominance. The year 1999 marked a foundational shift toward global consolidation as he began acquiring assets across Eastern Europe and Africa. His most significant move came in 2004 when he launched a hostile takeover bid for Corus Group, one of the world's largest steelmakers, successfully completing the deal in 2005.

The landmark merger of Mittal Steel with Arcelor in 2006 created ArcelorMittal, valued at approximately $36 billion. This deal cemented his status as a global titan and made him the third-richest person in the world according to Forbes in 2005, the first Indian citizen to crack the top ten. In 2008, he was appointed to the Board of Directors of Goldman Sachs, furthering his influence in global finance.

In 2021, Mittal stepped down as CEO of ArcelorMittal but retained the role of Executive Chairman, transitioning operational leadership to his son, Aditya Mittal. As of 2026, he continues to lead the company as Executive Chairman. Key developments include the celebration of ArcelorMittal's 20th anniversary in July 2026 and navigating geopolitical challenges such as the Russian missile strike on the Ukrainian plant in August 2026. The family also expanded into sports ownership in August 2026 when a consortium including Jeff Bezos and Eduardo Saverin acquired a minority stake in Liverpool FC. [edit]

Mittal projects the image of a serious, strategic, and somewhat reclusive industrialist. Media portrayals focus on his business decisions, his wealth, and his role as a global economic leader. He is often described as a 'silent giant' whose influence is felt in boardrooms and infrastructure projects rather than through pop culture. His reputation is built on a philosophy of keeping emotions away during negotiations and viewing steel as the backbone of the economy. Despite his immense fortune, he maintains a low profile on social media and avoids the spotlight typical of celebrity moguls. [edit]

While Lakshmi Mittal commands the global steel industry with an iron grip, his public presence defies the typical celebrity model. He does not have a fandom in the traditional sense; there are no fan clubs, no organized campaigns to buy billboards for his birthday, and no crowds gathering to catch a glimpse of him at a concert. His influence is felt through boardrooms and infrastructure projects rather than through the adoration of a devoted following. Yet, the sheer scale of his reach creates a unique kind of attention that tracks global economic shifts, media coverage, and consumption signals worldwide.

Even without a formal fanbase or a name for his supporters, his status as a titan of industry places him high on the charts of global recognition. The iFANN Global Fame Rankings reflect this enduring prominence, capturing his standing among the most recognized figures on the planet. Lakshmi Mittal is currently the 63rd most famous person from India, a position he held as of the September 2026 rankings. [edit]

Lakshmi Mittal's first steel plant in Indonesia was bought for just $20,000, a sum he borrowed from a friend. He is known for his frugality in personal spending despite his massive wealth; he often travels in economy class and drives modest cars. The Mittal family's wealth is so vast that they own multiple private jets and yachts, though they rarely use them for leisure, preferring to utilize them for business logistics. His daughter Vanisha's wedding was so extravagant that it reportedly cost more than the GDP of some small nations. Mittal is a fluent speaker of Hindi, English, and French, which has aided his global negotiations. [edit]

Lakshmi Mittal has been married to Usha Mittal since 1973. The couple met through a traditional arranged marriage setup common in India at the time. Their partnership has been a cornerstone of his personal and professional life, with Usha often acting as a key advisor and philanthropist. Together, they have two children: Aditya Mittal, who succeeded him as CEO of ArcelorMittal, and Vanisha Mittal. Vanisha's wedding in 2005 to Amit Bhatia was widely publicized as one of the most expensive weddings in history, costing an estimated $100 million. The event featured a private jet arrival, a multi-day celebration, and attendance by global celebrities, showcasing the family's immense wealth. [edit]

Usha Mittal, Aditya Mittal, Vanisha Mittal, Amit Bhatia, Jeff Bezos, Eduardo Saverin, ArcelorMittal, Goldman Sachs, Rajasthan Royals. [edit]

Lakshmi Mittal has maintained a single, long-term marriage throughout his adult life. He wed Usha Mittal in 1973 through a traditional arranged marriage setup common in India at the time. Their partnership has endured for over five decades, serving as a cornerstone of both his personal stability and professional success. Usha Mittal has acted as a key advisor and philanthropist, supporting her husband's extensive charitable work through the Lakshmi Mittal and Family South Asia Institute.

The couple has two children: Aditya Mittal, who currently serves as the CEO of ArcelorMittal, and Vanisha Mittal. Vanisha's wedding in 2005 to Amit Bhatia was widely publicized as one of the most expensive weddings in history, costing an estimated $100 million. There are no publicly documented romantic relationships prior to his marriage to Usha Mittal, nor any reports of infidelity or separation. As of 2026, Lakshmi Mittal remains married to Usha Mittal, with no recent reports of divorce, separation, or new romantic partnerships. [edit]

iFANN Editorial Team research puts Lakshmi Mittal's fortune at around $18 billion as of 2026. This estimate reflects his substantial equity holdings in ArcelorMittal, where he remains the largest shareholder. Additional wealth streams include his 75% ownership of the Rajasthan Royals cricket team, real estate investments across the UK, Switzerland, and the UAE, and board positions such as his long-standing role at Goldman Sachs.

Recent financial activity includes the expansion of the Mittal family portfolio into sports ownership. News reports from August 2026 confirmed that a consortium led by Jeff Bezos and Eduardo Saverin, including Mittal's son-in-law Amit Bhatia, acquired a minority stake in Liverpool FC. While specific details of the Mittal family's direct investment amount were not disclosed, this move signals a strategic diversification beyond heavy industry. Market fluctuations in the steel sector continue to influence the valuation of his primary asset, ArcelorMittal, which reported revenues of $61.4 billion in 2025. [edit]

Lakshmi Mittal has received numerous prestigious honours recognizing his business acumen and humanitarian contributions. Time Magazine named him International Newsmaker of the Year in 2005, and The Sunday Times awarded him Business Person of the Year in 2006. He was awarded the Commandeur de la Légion d'honneur by France in 2007 and the Padma Vibhushan, India's second-highest civilian award, in the same year. Additionally, he holds an OBE upgraded to CBE and honorary doctorates from several universities. [edit]