How a steel magnate built a global empire through aggressive acquisitions and political influence
Lakshmi Mittal transformed a modest family steel business into a global powerhouse, ArcelorMittal. From purchasing struggling state-owned plants for nominal fees to orchestrating hostile takeovers, his rise to billionaire status is marked by immense wealth, high-stakes political controversies, and a lifestyle that once defined the world's most expensive home.
Born in 1950 in Rajasthan, India, Lakshmi Mittal began his career in his father's steel business. By 1976, he established his own factory in Indonesia, marking the start of a strategy focused on acquiring underperforming state-owned steel assets. His expansion was rapid and often controversial; in 1995, he acquired an Irish steel plant for a nominal fee of IR£1, only to close it six years later, leaving hundreds redundant and sparking significant environmental criticism regarding the site's cleanup costs.
Mittal's growth strategy frequently intersected with global politics. In 2002, a letter from then-British Prime Minister Tony Blair to the Romanian government—written after Mittal donated £125,000 to the Labour Party—supported his bid for Romanian steel assets. Critics noted that Mittal’s company, LNM Group, was registered in the Dutch Antilles and employed few workers in the UK, raising questions about the influence of political connections on his business dealings. His 2003 acquisition of Polish steel assets also faced scrutiny after his consultant was arrested for bribery, though the deal proceeded.
The peak of his corporate influence arrived with the 2006–07 hostile takeover of Arcelor, creating ArcelorMittal, the world's second-largest steelmaker. Despite his immense success, Mittal has faced severe criticism regarding labor conditions, including fatal mining accidents in Kazakhstan. Today, his interests have shifted beyond steel, extending into sports investments like the Rajasthan Royals and significant philanthropic contributions, such as his £15 million donation to London's Great Ormond Street Hospital.
Mittal’s personal life has often mirrored his corporate scale. In 2004, he purchased a Kensington Palace Gardens residence for £67 million, then the world's most expensive house, famously decorated with marble from the same quarry as the Taj Mahal. Following the UK's abolition of non-domiciled tax status, he departed the country in 2025, relocating his residence to Switzerland and purchasing a $200 million mansion in Dubai.
Source: Lakshmi Mittal
