STEEL KING OF INDIA - LAKSHMI NIWAS MITTAL
Updated: Nov 5
Lakshmi Niwas Mittal was the Indian-born steel magnate and CEO of the world's 2nd largest steel-making company ArcelorMittal as well as chairman of stainless steel manufacturer Aperam. He owns 38% of ArcelorMittal. Mittal was born on June 15, 1950, in Rajasthan, India, and grew up in a Hindu-Marwari family. Lakshmi's father, Mohanlal Mittal, ran a steel business, Nippon Denro Ispat.
Before ArcelormittaI Mittal had turned some loss-making companies into profitable ones in the steel sector, he had given a lot of time to understand the work and had also run small enterprises of steel himself. Acquired some steel plants from another country and continue their work. In 2006-07, Mittal succeeded takeover bid for Arcelor, which he renamed Arcelor Mittal.
Business Qualities of L.N. MITTAL
They mostly see a market in which small players make goods but the dealer pays them very less money. This situation happened in the steel market. The demand for steel has always been there and will continue to be but Small players could not survive in the steel market for a long time and by taking all these together they worked in the steel market on a large scale for a long time. Turning business loss into profit was the main priority of a business. Loss-making businesses are the burden of a company to survive in a competitive market for a broader segment. He was not afraid to take risks, perhaps this is the biggest quality he has . They always think out-of-the-box and keep dedicated to them.
Mittal is an amazing leader his Leadership lesson are very inspiring to us. As Mittal says “A true leader has the confidence to stand alone, the courage to make tough decisions, and the compassion to listen to the needs of others”.In other words Mittal, "Leadership is not about being in charge. It's about taking care of those in your charge."
Mittal is known as the “STEEL KING OF INDIA” for his business sagacity. He has been recognized with numerous awards, including the Forbes Lifetime Achievement Award and the Padma Vibhushan, the second-highest civilian award in India. He is also a philanthropist and made a donation of ₹100 crores to the PM Cares fund during the COVID-19 pandemic in India in 2020.
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