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Lakshmi Mittal
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At first look, Lakshmi Mittal, the world's fifth richest man and the CEO of Arcelor Mittal, the world's largest steel company, seems to be the Indian reincarnation of Andrew Carnegie. Both were accountants whose vision greatly exceeded that craft. Both overcame fierce opposition, and both leaped impossibly high hurdles to reach goals that boggled their contemporaries' minds. Mittal's wealth and power came from achieving his dream of consolidating the global steel industry. Carnegie's came from consolidating the American steel industry. Both gave notoriously glamorous parties.
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NRI steel tycoon Lakshmi Mittal was on Sunday declared the wealthiest person in Britain and seventh richest in the world. Mittal headed the list with a fortune worth 14.881 billion pounds. Mittal ... donated 2 million pounds to Labour party in 2005. Last year Mittal Steel announced that it was in talks to buy 49 per cent of China's Baotous Iron and Steel Group. The move came three months after Mittal acquired a 36.7 per cent stake in Hunan Valin Steel Tube and Wire for about 183 million pounds. Last October it won an auction to acquire Krivorozhstal, Ukraine's premier steel mill, for nearly 2.8 billion pounds
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Lakshmi Mittal heads the multi national steel company Mittal Steel that his father Mohan began. Mittal has grown the family business into one of the largest steel companies in the world, with steel making facilities in fourteen countries and employing more than 150,000 people. The Indian born, British based steel magnate was the third richest man in the world in 2005 according to the Forbes business magazine. Lakshmi Mittal saw his estimated wealth increase by $US18.8 billion in 12 months, due to surging steel prices and when he merged his Ispat International with Ohio-based International Steel Group. Mittal reportedly paid $US100+ million for a twelve bedroom residence in Kensington Palace Gardens, London.
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This year, the Indian-born entrepreneur Lakshmi Mittal, 57, completed his $38 billion takeover of Luxembourg-based Arcelor to form ArcelorMittal (MT), the world's largest steel company. The deal started out as a hostile one, but Mittal has won over key Arcelor people, retaining a substantial chunk of the top management. ArcelorMittal's results have been solid. For the first nine months of the year, the company reported sales of $77.2 billion and operating income of $11.5 billion, a 34% pro forma gain over the previous year. This fall, Mittal took a big step into China, a difficult yet crucial market, through a deal that will eventually give him control of China Oriental Group, a Hong Kong-listed company that produces steel in China's Hebei province.
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International steel magnate Lakshmi Mittal was ranked in 2005 by Forbes as the third-richest man in the world, with a net worth of $25 billion. Having been brought up with the family business, in the 1970s Mittal struck out on his own and built a steel empire through large-scale buyouts and ruthless efficiency. Mittal Steel Company is now the world's largest producer.
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Lakshmi Mittal is married with two children Aditya Mittal and Vanisha Mittal. It is said that Vanisha's wedding was the most expensive wedding till date that was attended by all the eminent personalities of the world and celebrities who performed on the occasion. His house is famous all over the world for its architecture and opulent decoration.
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Lakshmi Mittal