Early Life
Lakshmi Niwas Mittal was born on June 15, 1950, in Sadulpur, Rajasthan, India. He came from a modest Marwari family. His childhood was simple. Twenty family members shared a house his grandfather built. They slept on rope beds and cooked on an open fire. The family moved to Calcutta (now Kolkata) in the 1960s to seek better opportunities. He attended Shri Daulatram Nopany Vidyalaya and graduated from St. Xavier's College, Kolkata, with a Bachelor of Commerce degree.
Rise to Success
Mittal began his career in the family's steel business, Nippon Denro Ispat. In 1976, he founded Ispat International. His strategic acquisitions of loss-making state-owned firms and his ability to turn them around were key to his success. In 2006, Mittal Steel merged with Arcelor to form ArcelorMittal, becoming the world's largest steel company at the time. He has been a pioneer in the development of integrated mini-mills and the use of "DRI" (direct reduced iron) used as a scrap substitute for steelmaking.
Key Business Strategies
Mittal's business strategy focused on acquiring struggling steel plants and improving their efficiency. His acquisitions include Iron and Steel Company of Trinidad and Tobago (1989) and Arcelor (2006). He is known for his ability to consolidate the global steel industry.
Philanthropy
Lakshmi Mittal and his wife, Usha Mittal, are active philanthropists. They have supported education, child health, and cultural heritage. The Mittal family made a significant gift to Harvard University to support the Lakshmi Mittal and Family South Asia Institute. They also support the Great Ormond Street Hospital in London and UNICEF, focusing on child malnutrition in India.