Early Life and Background
Laxmi Mittal was born on June 15, 1950, in Sadulpur, Rajasthan, into a Marwari business family. His father, Mohan Lal Mittal, ran a small steel business in India, which served as Laxmi’s first exposure to the world of metallurgy and trade. The Mittals later moved to Calcutta (now Kolkata) where Laxmi completed his schooling.
He graduated from St. Xavier’s College, University of Calcutta, with a degree in Commerce. Even in his early years, Laxmi showed an inclination for numbers, business strategy, and market analysis. It didn’t take long before he started carving his own path in the business world.
The Birth of a Global Entrepreneur
Laxmi Mittal’s journey as an industrialist began in 1976 when he was just 26 years old. He ventured outside India and established a small steel plant in Indonesia, named PT Ispat Indo. This was a bold move, especially at a time when Indian businessmen rarely expanded globally. But Mittal had already started to see the potential in the international steel market.
This strategic move marked the beginning of his global expansion, as he focused on acquiring loss-making steel plants and turning them into profit-generating giants.
The Formation of Mittal Steel
In the 1990s, Mittal began consolidating his steel assets under Mittal Steel Company. His business model was clear: acquire undervalued, underperforming steel companies, revamp their operations with efficient management, and make them profitable.
His acquisitions were swift and smart:
Mexico’s Sibalsa in 1992
Canada’s Sidbec-Dosco
Germany’s Hamburger Stahlwerke
Ireland’s Irish Steel
By 2004, Mittal Steel had become the world's largest steelmaker, surpassing industry giants.
The Game-Changing Arcelor-Mittal Merger
The defining moment in Laxmi Mittal’s career came in 2006 with the hostile takeover of Arcelor, a European steel company. At that time, Arcelor was a dominant player and initially resisted Mittal’s advances. However, after months of negotiations, controversies, and boardroom drama, Mittal Steel acquired Arcelor for $33 billion, forming ArcelorMittal — the world’s largest steel manufacturing company.
This merger not only changed the global steel industry forever but also cemented Laxmi Mittal's place as a business visionary who could compete with the best on the global stage.
Leadership Style and Philosophy
Laxmi Mittal is known for his hands-on leadership, strategic risk-taking, and cost-efficiency focus. His ability to spot potential in failing industries, his keen business instincts, and his relentless pursuit of efficiency are key factors behind his success.
He believes in empowering local leadership in every plant, which helps in understanding regional dynamics while maintaining global standards. Mittal’s business philosophy revolves around "Think Global, Act Local."
Challenges and Controversies
Like every business empire, Mittal’s journey wasn’t free of hurdles:
Opposition in Europe: The Arcelor takeover was met with political backlash in France, Luxembourg, and Spain.
Environmental Concerns: Some of his plants, particularly in Eastern Europe and Africa, have been criticized for pollution and poor labor conditions.
Steel Market Volatility: The global steel industry is cyclical, and Mittal has had to navigate numerous economic downturns.
Despite these challenges, Mittal's ability to adapt and steer his company through turbulent waters has been remarkable.
Net Worth and Recognition
As of 2025, Laxmi Mittal's net worth is estimated to be over $18 billion, making him one of the wealthiest individuals globally.
His accolades include:
Padma Vibhushan (2008) – India’s second-highest civilian award.
Featured multiple times in Forbes' list of the World's Most Powerful People.
Honorary Doctorates from prestigious universities including University of Sheffield and London Business School.
Philanthropy and Legacy
Beyond business, Laxmi Mittal is deeply involved in philanthropy. He established the Mittal Champions Trust to support Indian athletes and has donated generously to medical and educational institutions.
He funded the Mittal Institute at Harvard, which promotes research on South Asia. He also contributed over £15 million to the Great Ormond Street Hospital in London.
Laxmi Mittal's legacy is more than just steel — it's about empowerment, global entrepreneurship, and giving back to society.
Personal Life
Laxmi Mittal is a family man. He is married to Usha Mittal, and they have two children — Aditya Mittal, who now serves as the CEO of ArcelorMittal, and Vanisha Mittal, who gained global media attention for her lavish wedding at the Palace of Versailles in France.
Despite his immense wealth, Mittal is known to lead a relatively private life and is often described as humble and grounded by those who know him personally.
Key Lessons from Laxmi Mittal’s Success
1. Think Big, Start Small: Mittal didn’t build an empire overnight. He began with one small plant in Indonesia.
2. Spot Opportunities in Crisis: His strategy of acquiring struggling plants and reviving them shows the power of vision.
3. Global Vision, Local Action: His ability to balance global strategies with local operations made his business scalable and resilient.
4. Resilience: From political roadblocks to economic slumps, Mittal faced it all and still thrived.
Conclusion
Laxmi Mittal’s biography is not just a tale of business success — it’s a masterclass in global leadership, innovation, and perseverance. He turned rusting steel mills into billion-dollar assets, challenged powerful European corporations, and built an empire that spans continents.
His life proves that with vision, courage, and execution, even a boy from Rajasthan can rise to become one of the most powerful businessmen in the world.