The story of Lakshmi Mittal is one of the most remarkable business journeys in modern industry. From turning down a teaching opportunity to building the world's largest steel company, Mittal went on to create a global empire generating revenues of over Rs 5.7 lakh crore.
Early life
Lakshmi Mittal's journey could have taken a very different turn. After graduating from St. Xavier's College, Kolkata in 1969 with top scores in accountancy, he was offered a teaching role. However, the early morning schedule did not appeal to him, and he chose to reject the opportunity.
Instead, he joined his family's modest steel business, Ispat, marking the beginning of a career that would redefine the global steel industry.
First breakthrough
Mittal's real breakthrough came in 1975 when he moved to Indonesia to set up a steel plant. At just 26, he built a mini steel mill that competed effectively with established global players, including Japanese firms. This move gave him international exposure and laid the foundation for his expansion strategy.
Buying failing companies
In the 1990s, Mittal separated from the family business and began expanding aggressively across the globe. His strategy was unconventional but highly effective, he focused on acquiring struggling or bankrupt steel plants and turning them profitable.
He bought steel assets in countries like Kazakhstan, Mexico, Romania and Poland, modernised operations, improved efficiency and significantly increased production. This turnaround approach became his biggest strength.
Historic Arcelor deal
Mittal's defining moment came in 2006 when he launched a takeover bid for European steel giant Arcelor. The deal faced strong resistance and even criticism from European leadership, but Mittal persisted.
After increasing his offer and gaining shareholder support, the merger was finalised, creating ArcelorMittal, the one of world's largest steel producer. The deal is still considered one of the biggest in the history of the steel industry.
Building a global steel empire
Today, ArcelorMittal operates in over 60 countries and remains a dominant force in global steel manufacturing. The company generates tens of billions in annual revenue and has a market capitalisation running into lakhs of crores.
Mittal himself has a net worth of over $25 billion and has been awarded the Padma Vibhushan, India's second-highest civilian honour.
Passing the legacy forward
In recent years, Mittal has begun transitioning leadership to the next generation. His son, Aditya Mittal, now serves as CEO of the company, while Lakshmi Mittal continues as Executive Chairman.