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#8 Lakshmi Mittal

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Real Time Net Worth As of 10/4/15

$10 Billion

Chairman and CEO, ArcelorMittal (ADR)

Source Of Wealth
London, United Kingdom
Marital Status
Bachelor of Arts / Science, St Xavier's College Calcutta

Lakshmi Mittal on Forbes Lists

#8 India's Richest (2015)

#5 in 2014

#82 Billionaires (2015)

#5 in India

#57 Powerful People (2014)

Go confidently in the direction of your dreams. Live the life you have imagined.
Indian steel magnate, Lakshmi Mittal, is the chairman and CEO of Arcelor Mittal,
largest steel manufacturing giant in the world. Started by his father, the
establishment raised to new heights under the leadership of Lakshmi Mittal. He is
also an independent director of Goldman Sachs and is on the board of directors
of the European Aeronautic Defence and Space Company. Mittal is popularly
known for his lavish lifestyle and incredible success statement.

Mittal was born into a traditional Marwari family and mostly grew up in Calcutta.
He did his post graduation from St.Xaviers College in Calcutta. After his studies,
he went into his family steel making business. He setup an international division
in Indonesia.

His brothers handled most of the business in India. He is the richest man in the
United Kingdom and also the second richest man in the Europe. He is also the
sixth individual richest man in the world. He got married in 1976 to a land
owners daughter, Usha. He has two children from his marriage, Aditya and
Vanisha Mittal.
Mittal was in the news lately for conducting lavish weddings of his children.

Early Career & Career

The Sunday Times named Lakshmi Mittal as the Business Person of 2006. He is
also named as the Person of the Year by the Financial Times. He setup Mittal
Champions Trust after seeing the performance by India in Olympics last few
years. The trust was created to support 10 Indian athletes with the potential to

beat the world. Mittal awarded Olympic winner Abhinav Bindra with 1.5 crores for
winning the Gold Medal in Shooting.

In the year 2003, Lakshmi Niwas Mittal and Usha Mittal Foundation partnered
with the Rajasthan Government to create a University called LNM University of
Information Technology. The university has been established in Jaipur. Mittal also
founded the Usha Lakshmi Mittal Institute of Management.
The Mittal group made many donations till now. In the year 2008, Mittal made a
donation of 15 million pounds to great Ormond Street Hospital in London.
Lakshmi Mittal purchased his residence in UK from Formula One boss Bernie
Ecclestone. It was the worlds most expensive house at that time in the world.

The marble used in the house was taken from the same quarry that was used in
building Taj Mahal. Lakshmi Mittal owns 3 prime properties worth 500 million
pounds at Kensington Place Gardens. He also bought a bungalow for $30 million
in New Delhi. It is the most exclusive street in India.
The story of Lakshmi Mittal inspires many budding entrepreneurs over the world
with a simple message dream it, do it!






Forbes Lifetime Achievement

Padma Vibhushan Government of India

Grand Cross of Civil Merit Government of Spain

Dwight D. Eisenhower Global Leadership Business Council for International


European businessman of the Year by Forbes




Entrepreneur of the Year Wall Street Journal

8th honorary Willy Korf Steel Vision American Metal Market and World Steel


Steel Maker of the Year New Steel





& Forex









Lakshmi Mittal
Birthday : 06/19/1950
Place of birth : Rajasthan - India
Public asset : 2,829,000 USD
Country of residence : United Kingdom
Linked companies :
Goldman Sachs Group Inc -

Airbus Group

Mr. Lakshmi Niwas Mittal is Chairman at Aperam SA, Independent Director at The Goldman Sachs Group, Inc., Independent Non-Ex
Chief Executive Officer at ArcelorMittal SA, Chairman & Chief Executive Officer at ArcelorMittal, a Member-Executive Board at Indian
Investment Council, a Member at Kazakhstan Foreign Investors Council Association, Chairman-Governing Council at LNM Institute
International Business Council at World Economic Forum.

He is on the Board of Directors at The Goldman Sachs Group, Inc., Airbus Group SE, The Cleveland Clinic Foundation, Gita Mittal F
Usha Mittal Foundation, ONGC Mittal Energy Ltd., ONGC Mittal Energy Services Ltd., Gita-Mohan Mittal Foundation, Mittal Children
Association, and Cleveland Clinic.

Mr. Mittal was previously employed as Independent Non-Executive Director by ICICI Bank Ltd., Chief Executive Officer by Mittal Ste
Executive Director by ArcelorMittal South Africa Ltd., President by Ispat Inland, Inc., and President & Chief Executive Officer by Arce
He also served on the board at Commonwealth Business Council and ArcelorMittal USA LLC.
He received his undergraduate degree from St. Xavier's College (West Bengal).

s of




Goldman Sachs Group Inc

(Investment Banking & Brokerage Services)

Independent Director


Airbus Group SE
(Aerospace & Defense)

Independent Non-Executive Director


ArcelorMittal SA

Chairman & Chief Executive Officer


Aperam SA



ArcelorMittal (Private Equity)

Chairman & Chief Executive Officer

World Steel Association


The Cleveland Clinic Foundation


Gita Mittal Foundation


The Mittal Champions Trust


Lakshmi & Usha Mittal Foundation


ONGC Mittal Energy Ltd.


ONGC Mittal Energy Services Ltd.


Arcelormittal Foundation

Member-Governors Board

Gita-Mohan Mittal Foundation


Mittal Childrens Foundation


Cleveland Clinic


World Economic Forum

Member-International Business Council

Indian School of Business

Member-Executive Board

International Investment Council


Kazakhstan Foreign Investors Council Association


LNM Institute of Information Technology

Chairman-Governing Council

s of

Goldman Sachs Group Inc (GS)

Investment Banking & Brokerage Services




Mittal :

Linked companies

Bhikam Chand Agarwal

ArcelorMittal SA
ArcelorMittal (Private Equity)

Aditya Mittal

ArcelorMittal SA
Aperam SA
World Economic Forum

Lloyd Blankfein

Goldman Sachs Group Inc

Indian School of Business


2,829,000 USD

Vanisha Mittal Bhatia

ArcelorMittal SA
Aperam SA

Gonzalo Urquijo Fernndez de Araoz

ArcelorMittal SA
Aperam SA
Arcelormittal Foundation

Thomas Henry Glocer

World Economic Forum

The Cleveland Clinic Foundation

Rahul Bajaj

World Economic Forum

Indian School of Business

Pawan Kant Munjal

World Economic Forum

Indian School of Business

Rajendra Singh Pawar

Indian School of Business

World Economic Forum

Wilbur Ross

ArcelorMittal SA

Lakshmi Niwas Mittal ; born 2 September 1950) is an Indian steel magnate. He is the chairman and CEO of ArcelorMittal, the world
ArcelorMittal and holds a 34% stake in Queens Park Rangers F.C..

In 2007, Mittal was the richest man of Asian descent in the United Kingdom. Despite being the eighth wealthiest man in Britain in 200
ranked the sixth richest person in the world by Forbes in 2011, but dropped to 21st place in 2012, due to having lost $10.4 billion the
wedding was the second most expensive in recorded history.

Mittal has been a member of the board of directors of Goldman Sachs since 2008, and is also member of the board of directors of th
Company. He sits on the World Steel Association's executive committee, and is a member of the Indian Prime Ministers Global Advi

Early life and career

Mittal studied at Shri Daulatram Nopany Vidyalaya from 1957 to 1964. He graduated from St. Xavier's College, Calcutta, with a B.Co
Mohan Lal Mittal, ran a steel business, Nippon Denro Ispat. In 1976, due to the curb of steel production by Indian government, the 2
Ispat Indo in Sidoarjo, East Java, Indonesia. Until the 1990s, the family's main assets in India were a cold-rolling mill for sheet steels
Today, the family business, including a large integrated steel plant near Mumbai, is run by Pramod and Vinod, but Lakshmi has no co

After witnessing India win only one medal, bronze, in the 2000 Summer Olympics, and one medal, silver, at the 2004 Summer Olym
with $9 million to support 10 Indian athletes with world-beating potential. In 2008, Mittal awarded Abhinav Bindra with Rs. 1.5 Crore (
Olympic gold medal in shooting. Arcelor Mittal Also financed the construction of [Orbit] for 2012 Summer Olympics.CN|date=Marc
Source @ Wikipedia

Lakshmi has a sumptuous residence in Kensington, which has been decorated with marble from the same quarries than the Taj Mah

In 2004, he offered his daughters wedding. The ceremony took place in France, in Vaux-le-Vicompte and in Versailles. It was one of
"We are not in the business of iron ore. Whatever captive iron ore sources we have, we use it to make steel."


Airbus Group
Aerospace company
Airbus Group SE is a European multinational aerospace and defence corporation. Seated in
Toulouse, France, the group consists of the three business divisions Airbus, Airbus Defence and
Space, and Airbus Helicopters. Wikipedia
Stock price: AIR (EPA) 54.68 +1.13 (+2.11%)
2 Oct, 5:36 PM GMT+2 - Disclaimer

Headquarters: France
CEO: Tom Enders
Founded: July 10, 2000
Subsidiaries: Airbus, Airbus Defence and Space, more
Parent organization: Daimler AG, Lagardre Group, SOGEADE

The Goldman Sachs Group, Inc.



Traded as

Dow Jones Industrial Average Component
S&P 500 Component


Banking, Financial services


1869; 146 years ago


Marcus Goldman,
Samuel Sachs


200 West Street,

New York, New York, U.S.

Area served


Key people

Lloyd Blankfein
(Chairman and CEO)

Gary D. Cohn
(President and COO)


Asset management,commercial
banking,commodities, investment
banking, investment management, mutual
funds,prime brokerage


US$ 40.08 billion (2014)[1]


US$ 12.357 billion (2014)[1]

Net income

US$ 8.477 billion (2014)[1]

Total assets

US$ 856.24 billion (2014)[1]

Total equity

US$ 82.797 billion (2014)[1]

Number of

34,000 (2014)[1]




The Goldman Sachs Group, Inc. is an American multinational investment banking firm that
engages in global investment banking,

Steel production company
ArcelorMittal S.A. is a multinational steel manufacturing corporation headquartered in Avenue de la
Libert, Luxembourg. It was formed in 2006 from the takeover and merger of Arcelor by Mittal
Steel. Wikipedia
CEO: Lakshmi Mittal
Stock price: MT (AMS) 4.78 +0.30 (+6.58%)
2 Oct, 5:36 PM GMT+2 - Disclaimer

Headquarters: Luxembourg City, Luxembourg

Founder: Lakshmi Mittal
Founded: June 25, 2006

Company aperam.com
Aperam S.A. is a company, listed on the Amsterdam, Paris and Luxembourg stock exchange and with
facilities in Brazil, Belgium and France, which concentrates on the production of stainless and
speciality steel. Wikipedia
Stock price: APAM (AMS) 25.43 +0.81 (+3.27%)
2 Oct, 5:35 PM GMT+2 - Disclaimer

Headquarters: Luxembourg City, Luxembourg

Founded: 2011

London-based Ispat International (now Mittal Steel) and its founder Lakshmi
Niwas Mittal recently became the world's biggest steel maker, and has been named
by Forbes magazine as the world's third richest man.
How does Mittal transform poor performing steel mills into power-packed profit
We bring to you an inside account written by written Gita Piramal and late Prof
Sumantra Ghoshal. Sumantra Ghoshal was a leading management guru. Gita Piramal
is managing editor,The Smart Manager. The two also co-authored a
book: Managing Radical Change.

Acquisitions is one of the three major routes for business expansion, the other two
being organic growth and strategic alliances.
But why choose acquisition as a growth strategy? When is this strategy more
appropriate? And, if you have chosen this strategy, what are the main do's and don'ts
for managing it well?
While not quite an Indian company -- incorporated in Holland and headquartered in
London -- Ispat International N.V. (now called Mittal Steel) is Indian in both its
spirit and management. In less that a decade, Lakshmi Niwas Mittal has
spectacularly expanded the company from a wire rod manufacturer in Indonesia to
the largest steel producer in the world, largely through an acquisitive strategy.

He can buy 44 lakh Maruti 800s!

Lakshmi Mittal's $19-billion year!

In 1992, Mittal acquired a Mexican steel mill. From this case study, it is possible to
distil some simple lessons about how to manage acquisitive growth.
There are, of course, some variations depending on the nature of the industry, the
history of the acquiring company, and the specific circumstances of each individual
acquisition case. But, overall, there is a certain commonality in the pre- and the postacquisition phases.
The story of Ispat Mexicana (Imexa)
Lakshmi Niwas Mittal's (widely referred to as 'LN' both inside and outside the
company) faith in DRI (direct reduced iron) technology governed his choice of
acquisitions. He believed in its future long before others.
"This has spelt success for so many of my plants," he says. Starting in Indonesia in
1976, he bought mini steel mills using the DRI route in various countries and turned
them around. Eventually in January 1995 Mittal acquired Hamburg Stahlwerke, the
originator of DRI technology on which almost all LN's plants depend.
According to Peter F Marcus, director of Paine Webber: "Lakshmi Mittal championed
the practice of mini mills becoming integrated producers through the use of scrap
This faith created 'the only true global steel company,' according to the Financial
Times, and Mittal's reputation as a doctor of sick steel mills. In 1991, this reputation
brought the Mexican government knocking at his door.
In the early 1980s, the Mexican government decided to build a new steel mill -Sicartsa II -- adjacent to its existing Sicartsa facility located in Lazaro Cardenas.
They invested $2.2 billion in a state-of-the-art facility, which included a pelletizer
plant to produce iron pellets from ore, the first DRI plant in the world using the HyL
III technology, electric arc furnaces, casters to roll molten steel into flat slabs and a
mill to convert these slabs into plates to produce pipes for the then-booming oil
Before the factory was completed, however, the end of the oil boom coincided with a
faltering economy which forced Mexico to devalue the peso. The government
curtailed investment in the planned pelletizer plant, which forced Sicartsa
management to source high cost iron pellets on the open market.
The government also abandoned the planned plate mill, forcing the plant to sell steel
slabs -- an intermediate product -- rather than finished steel plates. Three years after

opening, the plant operated well below its capacity of two million tons per year and
incurred significant operating losses.
Mexican government officials publicly blamed the management and employees of the
factory for the losses, and decided to privatize both Sicartsa factories in 1991. Based
on Ispat's reputation for turning around Iscoot, a steel mill in Trinidad, the Mexican
government invited Ispat to join two other steel companies in bidding for Sicartsa.
The pre-acquisition negotiation process

The team: Mittal sent a due diligence team consisting of twenty managers
representing all line and staff functions chosen from Ispat's Trinidad and
Indonesian plants and instructed them to develop plans to turn around the

Mittal also explained that some members of the due diligence team would have an
opportunity to remain in Mexico if Ispat acquired the facility. There were no
merchant bankers.
The team was divided into sub-units to look at specific are as such as finance,
marketing, management and costs. Each team had to make specific
"These had to be solid and do-able as the person making the recommendation could
easily be called upon to implement it," said one manager. "This eliminates
consultants and their ivory tower analyses. After this process, targets are fixed and
LN largely steps out of the picture."
Each team's report provided a valuable check on the other's to eliminate biases and
The team's due diligence revealed a factory plagued by technical problems, running
at 20% of capacity, producing low quality slabs and manned by a dispirited
workforce. The Ispat team was impressed, however, by the recent vintage of the
assets, a young workforce with an average age of 27 years, and the supporting
The team recommended bidding for the plant, and developed a turn around plan.

The bid: Ispat proposed acquiring all the Sicartsa II factory's assets and
liabilities, excluding contingent environmental liabilities.

Ispat also bid for 50% equity stakes in several of the businesses that supported the
Sicartsa II plant, including PMT, a producer of welded pipes, Pena Colorada, which
provided the factory with iron pellets and Sersiin, which managed the deep water
port facilities and distributed electricity. It took eight months to sew up the contract.
Ispat proposed a total consideration of $220 million, consisting of $25 million in
cash and $19 million n in ten year bonds (at 15% interest) issued by the Mexican
government and secured by a warrant for 49% of Imexsa (not Ispat) equity. Of the
cash component, $5 million was a loan from Trinidad and $20mn came from LN's
personal resources.
Ispat's bid outlined the company's five-year plan for improving Sicartsa's operations,
and included a commitment to invest an additional $350mn, with a $50mn penalty if
the company failed to follow through on its promised capital spending.
Ispat's proposal also included a clause capping the number of employees it would lay
off at 100 of the 1,050 workers. Impressed by the business plan, the Mexican
government selected Ispat's bid. Ten members of the due diligence team remained in
Mexico to run various departments, including Dr Johannes Sittard the former head
of Iscoot, who served as the managing director of Imexsa from 1991 to 1993.
The post-acquisition integration process

Stopping the bleeding: Ispat took control of Imexsa on January 1st 1992 in
the midst of a global recession in the steel industry, and had to briefly shut
down the furnaces because there were no orders for the steel and no place to
store the finished slabs.

Despite the shut-down, Imexsa laid off only seventy people -- thirty fewer than the
agreed-upon limit -- and ultimately hired an additional 270 employees.
The $220 million consideration which Ispat had committed to more than halved
almost instantly. The plate mill which had been lying abandoned -- still packed in
crates -- was shipped to a Korean company.
"Our focus is slabs and we didn't need the plate mill," RR Mehta, Imexsa's executive
director told Business India. The deal brought in $135 million -- much of this went
towards upgrading facilities.
Mittal recalled his first steps at Imexsa: "In Mexico we did what we do with every
business . . . we sat down with management of the acquired company to discuss
various options for improvement and we developed the business plan. We sat down

with each of the departments to understand their problems and viewpoints and gave
our input based on international experience and our due diligence."
"Together we set very aggressive targets because we don't benchmark companies
based on local standards, but on international standards. If the management of the
acquired company is willing to commit to these targets, they stay. If they have any
problems following our business plan and vision, they go. The Imexsa managers
stayed," he added.
Production Planning Manager Oscar Vasquez recalled his first meeting with Mittal:
"In our first meeting, we presented two alternative production plans, one for
600,000 tons -- it was conservative and based on our past experience -- and another
plan for 1.2 million tons. Mr Mittal saw both and said, 'forget the small plan, just let
me know what you need to implement the second plan.' We expressed concern that
we might not find a market for the additional slabs, but Mr Mittal said, 'You will have
the volume because I'm going to take care of that for you'."
Mittal used Ispat Indo's sales network to identify Asian customers for Imexsa's slabs,
including a contract for 400,000 tons per year with a Taiwanese steel manufacturer.
Although these orders provided low margins, they allowed Imexsa to increase
capacity utilization while improving quality to win more profitable business.
Imexsa also reduced costs by switching to suppliers willing to match the lowest costs
provided at Ispat's Trinidad and Indonesia plants.
The next step was to quickly develop cost-consciousness and discipline among the
Imexsa management team. Jai K Saraf, Ispat International's finance director, and
Sittard instituted a daily meeting of the heads of each department in the plant, which
began after the day shift ended at 5:00 p.m. and generally ran until 9:00 or 10:00 at
The team evaluated the previous day's cost, volume, productivity and quality
performance, discussed the current day's results, and agreed on detailed targets by
department for the following day.
Om Mandhana, purchase director, described the purpose of the daily meeting: "The
idea of the daily meeting was to cut red tape. You got together all of the people
involved to talk through any issues, and as a means of coordinating and resolving day
to day problems. The idea was to take a decision then and there rather than refer to
Raul Torres, melt shop director, recalled his first impressions of the meetings:
"Before Ispat bought the plant, the boss just told us how we should do things, but the

daily meetings were nothing like that. Dr Sittard asked a lot of detailed technical

ons to force us to think through problems to their root causes."

"If we were consuming too much steel in the electric arc furnaces, for instance, Dr
Sittard would ask: 'Why are you consuming this amount of steel? Is there leakage?
Why do you have this amount of leakage? Are you losing steel in the slag? How do
you plan to improve this? Is that the cheapest way in the world? Who does this best
in the world? Can we adopt their technology?'"
"We had open and sometimes heated discussions, but once we agreed on the right
thing to do, it was easy to get Dr Sittard's approval and any resources you needed to
make it happen. But you had to commit to improvements -- how much you were
going to achieve and by when, and the entire team monitored how you did against
the promised target."
"And Dr Sittard was always asking for higher targets -- he always kept the pressure
on us to increase volume and quality and cut costs."
Imexsa's existing cost accounting system reported only aggregate production costs on
a monthly basis, and was first available three weeks after the previous month ended.
One of the first things the new management team did was to implement Ispat's daily
reporting system which provided overall figures for each day's operations by the next
Led by Saraf, Imexsa's accounting department began collecting detailed volume, cost,
quality and productivity data for each step in the production process on a daily basis.
Initially, Imexsa's accountants collected these data themselves every day, and
analysed it by hand. To monitor raw material usage, for example, the accountants
asked warehouse workers to track the volume of materials leaving the storeroom
each day.
As the discipline steeped in, kudos flowed back. A JP Morgan report hailed Imexsa as
the lowest-cost slab producer in the world, while Credit Suisse First Boston reported,
'At Imexsa, Ispat makes Nucor's cost position look almost amateurish.'
Imexsa could land a slab in the middle of American at $35 a ton below Nucor's cash
cost of production of $210 a ton. And Nucor founder Kenneth Iverson acknowledged,
"Ispat comes in and runs the operations very well. They control costs very very

In 1992 -- the first year under Ispat ownership -- Imexsa increased shipments from
528,000 tons to 929,000 tons, decreased the cash cost per ton produced from $253
to $178, and earned a small profit.
From 1992 to 1998 Imexsa increased annual steel shipments from 929,000 tons to
over 3mn tons, and improved productivity from 2.62 to 0.97 man-hours per ton.
Antonio Gonzales, the Pelletizing Plant Supervisor observed, "There is no feeling of
having finished the turnaround . . . we keep resetting the targets, and now we are
aiming for 4 million tons per year -- that's double our rated capacity."
In 1997, MRR Nair joined Imexsa as managing director from the Steel Authority of
India, the seventh largest steel company in the world, where he had served as
chairman and CEO and had been awarded the Best CEO in India award.
Nair cited four mechanisms for maintaining constant improvement at Imexsa -- i.e.
daily meetings and reports, quality programmes, global integration and stretch goals.

01. Daily meeting and daily report: The daily meeting, now held each
morning for one or two hours, continued to play a pivotal role at Imexsa. A
typical meeting (in March 1998) was attended by representatives from each of
the departments, most of whom wore the khaki Imexsa uniform.

A few of the managers however wore red Imexsa jackets awarded to recognize
achievement of ambitious goals, such as increasing one of the DRI facility's
production nearly 50% above its rated capacity.
On several occasions during the meeting, participants jokingly asked whether their
targets were ambitious enough to earn a jacket. Nair guided the meeting with a series
of questions, inquiring about the results of previous experiments to improve
performance, asking what level of performance was budgeted for the following
month, and probing why targets were not higher.
Nair left the room for extended periods on two occasions during the meeting, but the
discussion continued with the members of the different departments discussing
targets and experiments among themselves.
The participants frequently referred to the daily report which provided detailed data
on cost, productivity, volume and quality for each of the departments.

02. Quality programmes: In 1998, Imexsa used standard quality tools,

such as ISO methods, to describe existing processes. Imexsa's quality efforts
won numerous international awards and earned it the British Standards

Institute's prestigious Company Wide Recognition, one of only two steel

companies in the world so honoured (Iscoot was the other).
More importantly, Imexsa's quality initiatives helped the company upgrade its
products to serve more demanding customers.
Imexsa enhanced its product mix from 97% low grade steel sold into construction
applications in 1992 to 47% of slabs sold for demanding automotive and coated plate
applications in 1997.
Despite Imexsa's success, Quality Director Rafael Mendoza wanted more:
"Traditional quality programmes such as ISO 9000 provide excellent statistical tools
for documenting your current processes, but they are not as useful in accelerating
continuous improvement. For this we introduced benchmarking, Top 10s and
internal agreements."
In benchmarking operating processes, quality team members looked at best practices
within the Ispat network, the steel industry as a whole and also identified and
studied related processes at global leaders such as Ericsson and General Electric.
When Imexsa management wanted to improve cafeteria service during the busy
lunch hour, for example, a quality team studied the restaurant in a busy soccer
stadium renowned for serving large quantities of excellent food quickly during half
Imexsa would only work with customers and technology suppliers who agreed to
openly share information on new technological developments and applications, and
in turn agreed to open their plants for benchmarking.
Mendoza was not worried that Imexsa would surrender competitive advantage by
allowing other companies to benchmark the plant:
"In the steel industry these days, all companies have access to good ideas through
customers, suppliers and consultants. The difference is who can implement them
In the Top 10 programme, each department identified projects to either cut costs or
improve quality, quantified each project's financial impact (in US dollars per year),
and rank ordered the projects from one to ten based on their bottomline impact.
Each project was assigned to a project owner charged with selecting a multidisciplinary team to quantify the benefits of the project, develop an action plan and
monitor progress against agreed process milestones.

In Mendoza's view, the Top 10 programme introduced a consistent discipline in

translating proposed projects into financial results and allowed each department to
prioritize its own projects for improvement.
In 1996 Imexsa initiated a systematic program for making internal service
agreements between Imexsa's departments and monitoring service delivery levels
against these agreements.
The head of the department receiving a service would meet once a year with each
internal supplier to articulate their key requirements and agree on targets and
concrete measures of service delivery. Before agreeing to target service levels, a
service provider could request any prerequisites necessary to guarantee delivery.
The maintenance department might agree to provide preventive maintenance on
time, for instance, provided that they were notified at least one week in advance of
the scheduled downtime.
The head of the department providing the service was responsible for monitoring
performance on a daily basis and reporting to the head of the internal customer on a
monthly basis, who would sign off on the performance evaluation.
If a service provider repeatedly failed to meet goals, the failure would be elevated for
discussion in the daily meeting, but this had occurred only once in the programme's
first two years.
In 1998 Imexsa had 140 internal service agreements across 28 production and
service departments and sub-departments in the plant. 70% of the agreements
fulfilled 100% of the requirements, 11% of the agreements met between 95% and
99%, with the remainder fulfilling less than 95%. These internal agreements yielded
significant improvements in operations.

03. Knowledge integration programme: The Knowledge Integration

Program (KIP) was an Ispat corporate initiative designed by Mittal to "keep
stirring the whole organisation."

A few representatives from each operating and staff function (twelve in total) at each
Ispat plant would meet twice each year. These KIP meetings lasted two to four days,
and rotated among the plants in the Ispat network.
Prior to the meeting, the department heads would send their suggestions for
discussion topics to Ispat group headquarters in London, where the agenda would be
set and then distributed to each of the participants in advance.

During the meeting, the participants would review their performance against targets,
including major accomplishments and disappointments, discuss common technical
problems, update each other on developments in their plant and commit to future
targets. The participants also communicated between KIP meetings, as Torres
"If I have a question, I don't have to wait until the next KIP meeting. I can make a
phone call or send an email to Canada or Trinidad. I probably exchange at least one
email every week with them."

04. Stretch goals: Each department in Imexsa committed to annual targets

for production volume, productivity and costs, and presented their plan for
achieving these goals. The process was based on a firm philosophy of Ispat.

As described by Nair, "Senior managers should ask the departments what they plan
to do, rather than telling them what to do."
At the same time, however, it was not a laissez fair. Nair and his team asked a lot of
questions on the plans that were presented. "You achieved this level last year, why
can't you do it again? They can achieve the level at another factory, what prevents
you from doing the same? What can we do to help you achieve more?"
At the end of such discussions, while the targets were very demanding, they were
owned by the departments instead of being perceived as coerced from above.
As Raul Torres described: "I feel the need to constantly improve performance every
day, but its not forced on me by management. I'm not fighting against somebody
else's budgets -- I agreed to the goal, and the best way to reach a goal is not with a big
gun to your head. I set stretch goals because I want Imexsa to win."
"At first, I wanted Imexsa to be the best steel plant in Lazaro Cardenas, then the best
steel plant in Mexico, but now I ask 'why can't we be the best steel plant in the
world?' We always wanted to be the best, but we couldn't because the old
management put up too many limitations."

About Lakshmi Narayan Mittal

Until 1960's, the village Lakshmi Mittal was born into was deprived of basic
amenities like electricity, water etc. His family then moved to Calcutta in West
Bengal, where his father Mohan Lal Mittal set up a small steel plant. He has two
siblings (brothers), Pramod and Vinod Mittal, who run the family business.

Personal Background of Lakshmi Narayan Mittal

In Calcutta, Mittal studied business and accounting at the reputed St. Xavier's
College. After classes, he used to work with his father in the family steel mill. He
graduated as Bachelor of Commerce in accounting and business with first class
He is married to Usha Mittal, who was, then, the daughter of a well settled
moneylender. Today, she handles the Indonesian business.
They have two children, Vanisha and Aditya Mittal, who are members of the Board of
Directors of Mittal Steels. Lakshmi is known for spending extravagantly on his family.
His daughter's marriage was a five day event, which cost him more than $55 million.


He is an active philanthropist.
Mittal Champion trust was set up with US $ 9 million to support 10 Indian
athletes with world-beating potential.
A CSR system has also been set up to produce safe sustainable steel.
An astute businessman, with a knack of calculating risks to his own advantage, he
has practically made his mark in the world.

Lakshmi Narayan Mittal's Career

His first step towards reaching the billionaire club, took place in the early
seventies, when he started working in his father's steel firm. In 1976, he moved to
Indonesia, on the realization of the fact that opportunities for higher growth were
limited to him in India.There, with his father's backing, he found a steel plant, Ispat
Indo and made this company a success.

A shrewd businessman, his success has largely been built on buying up loss
making state owned firms and turning their fortunes around.

In 1989, he turned a government owned firm that was making a loss of $1

million a day, in Trinidad and Tobago, into a profitable business. It was a situation,
where US consultants and German experts had failed to find any solution.

With the similar strategy, he went ahead acquiring various firms all over the
world, proving every risk worth its effort.

His list of acquisitions is a lengthy catalogue, including

Sircasta: Mexico's third largest steel producer, in 1992,
Steel Blast furnace plant, owned by the state in Kazakhastan,
Steel plant in Europe,Germany in 1995, along with the formation of two
new companies Ispat international Ltd and Ispat Shipping to assist the group.
Meanwhile, in 1994, a partition in the family business transferred all its foreign
business under Ispat International.

Awards and Achievements won by Lakshmi Narayan Mittal

Once ranked as the richest man in United Kingdom (in 2011), and the sixth richest in
the world, with a personal wealth of US $31.1 billion, today his wealth has come
down to $16 billion and his rank has dropped to 82nd place in March 2015. He has

won many awards to his credit, and is a member of many prestigious groups of

2007, he won the Padma Vibhushan , by the President of India.

Fellowship of King's college, London.
Grand Cross of Civil Merit, by Government of Spain.
2004, Entrepreneur of the year, by Wall Street Journal.
European businessman of the year, Forbes
Times magazine, named him in their list of ''100 most influential people of the

ArcelorMittal- Company Profile

It was in the year 2004, when Mittal steel was formed through the merger of
Ispat International and LNM holdings.
During the same period, Ispat International also merged with International
Steel Group Inc.
ISG was an Ohio based company, which became the world's largest steel
producer, with a net worth over $22 billion.
Mittal's steel empire stretches over 14 countries of the world.
In 2006, after major negotiations and oppositions, Mittal Steels took over
European Steel giant Arselor for $33 billion, becoming the world's largest 100 million
tonne steel entity. This merged entity was called, Arcelor Mittal, with the family
owning 43.6 share of the group.
Apart from the mainstream steel business, they have diversified into shipping,
coal, power, oil enterprises.

Problems Faced by Arcelor Mittal

In 2001, Mittal Steel had to close down on the Irish Steel plant. It led to a lot of
criticism, as it left 400 people redundant and affected the concerned environment.
2002, 'The Mittal affair, exposed links between UK Prime Minister Tony Blair
and Lakshmi Mittal. Mittal's LNM steel company, sought Blair's aid in its bid to
purchase steel industry in the state of Romania. Blair, on his part, wrote a letter to
the Romanian government, hinting that the privatization of the firm and it's sale to
Mittal might help them smooth their way into the European union.
Apart from this, multiple fatalities in his mines have raised questions about
safety conditions. He has also been accused of 'slave labour'.
- See more at: http://business.mapsofindia.com/business-leaders/lakshminarayan-mittal.html#sthash.

NameLakshmi Narayan Mittal

shmi Narayan Mittal Factsheet

Born on15 June 1950

Place of BirthSadalpur, Rajasthan,India
Educated fromSt.Xavier's College,Calcutta
PositionChairman & Executive Officer ArcelorMittal, Owner of Karrick Limited, Coowner of Queens Park Rangers F.C. Valued atUS $ 13.6 Billion
Married toUsha Mittal
Father ofVanisha Mittal Aditya Mittal
Awards WonPadma Vibhushan

Steel 'maharajah' Lakshmi Mittal

tumbles to 4th rank in UK Rich
Sunday, 21 April 2013 - 6:09pm IST | Place: London | Agency: PTI







Steel tycoon Lakshmi Mittal's wealth has plummeted but the Hinduja brothers have
become the richest Asians in the UK, while Lord Swraj Paul has emerged as the
wealthiest Peer, according to the Sunday Times Rich List.
Mittal, 62, who spent eight years at the top of the list, has dropped down to fourth
position this year, with a fortune of 10 billion pounds, 2.7 billion pounds less than last
"So, after eight years on top of The Sunday Times Rich List, the steel maharajah is
no longer No.1," the report said.
It said, "the 40 per cent stake Mittal and his wife Usha hold in the steelmaking
giantArcelorMittal has plummeted from 28 billion pounds at its peak to 5.95 billion
pounds." Srichand (77) and Gopichand Hinduja (73), the Chairman and co-Chairman
of the Hinduja group respectively, take the third place. The Hinduja brothers are
worth 10.6 billion pounds in 2013 as against 8.6 billion pounds last year.
Noting that "the Hinduja brothers are on a roll," the Rich List 2013 said, in the past
year "the stock market value of their IndusInd Bank shot up from USD 2 billion to

USD 4.6 billion, while the acquisition of the American company Houghton
International by their Gulf Oil for USD 1.1 billion was the largest Indian investment
outside India last year." Russian billionaire Alisher Usmanov, 59, who has a near 30
per cent stake in ArsenalFootball Club, is the richest person in Britain with a fortune
worth 13.3 billion pounds.
The list's biggest gainer over the past year is another Russian tycoon Leonard
Blavatnik, who ranks second with his wealth of 11 billion pounds.
According to the list, Lord Paul, Chairman of the Caparo Group, is the richest Peer in
the House of Lords with a fortune worth 2 billion pounds. He stands at 38th position.
Lord Paul's fortune has been boosted by profits from his Caparo steel and
engineering firm, the report said.
The highest placed UK-born person is Gerald Grosvenor, the Duke of Westminster,
who is worth 7.8 billion pounds and ranked eighth.
London-based Ravia Ruia, one of India's leading industrialists, is 24th in the list with
a wealth worth 2.55 billion pounds - up 550 million pounds over the previous year.
Anil Agarwal, Chairman of Vedanta Resources, the London-quoted Indian metals-tooil group, is 35 in the list with a wealth of 2.2 billion pounds, down 50 million pounds
over the previous year.
Sri Prakash Lohia, who is into Textiles and plastics business, is 39th in the list with
1.89 billion pounds wealth.
Naresh Goyal, Chairman of Jet Airways, is 170th in the list with a 515 million pounds
worth fortune.

When people can see which direction the leaders are going in it
becomes easier to motivate them. Lakshmi Mittal


It is true that we are interested in scale but there are very sound
reasons for this. Lakshmi Mittal


Everyone experiences tough times, it is a measure of your

determination and dedication how you deal with them and how you
can come through them. Lakshmi Mittal


Hard work certainly goes a long way. These days a lot of people
work hard, so you have to make sure you work even harder and really
dedicate yourself to what you are doing and setting out to achieve.
Lakshmi Mittal


Its difficult for them to do a deal at these levels. Lakshmi



At the end of the day you have to keep emotions away. Lakshmi


Production cutbacks have remained in place in the third quarter

and this has helped to further reduce inventory levels worldwide,
Lakshmi Mittal


We do not believe in oversupplying the market. When you are a

large company, you can afford to do it. When you are a small player,
your flexibility gets reduced. Lakshmi Mittal


This is not about creating a giant. Its about creating the

sustainability of the steel industry. Lakshmi Mittal


We are pleased with the very positive reception our offer has

received, and are confident that progress is being made towards

establishing the regulatory framework for the offer. Lakshmi

I understand that this has taken a lot of politicians by surprise. But

we believe that this is an important and right step for the steel
industry. Lakshmi Mittal

In the past twenty years, we have lived through several cycles and

we have always managed to buy under good terms and conditions at

the right time. This has enabled us to build a solid group that is now
the world number one. Lakshmi Mittal

I am sure all politicians will be convinced of the merits of this deal.

Lakshmi Mittal


Its true that I run a multi-national group but I have no interests in

India. So please tell me, what should my identity be? Lakshmi


There will be no job cuts arising out of this merger in Europe this

is in the interest of jobs in Europe. Lakshmi Mittal


I have confidence that the government of Luxembourg will not

make any decision that frustrates this transaction. Lakshmi Mittal


If I go to a match it doesnt mean I want to buy the stadium or the

club. Lakshmi Mittal


We have no intention of shutting down plants. We have always said

there will be no redundancies or lay-offs as a result of this merger.

Lakshmi Mittal

This is a learning in the business life that first of all you need to

have commitment, dedication and passion for what you are doing.
Lakshmi Mittal

I came from a Hindi medium school the principal felt that I would

not fit into an English medium college. Though I was top in my class in
school, and I got admission in other colleges, but I really wanted to
study in St. Xaviers. Lakshmi Mittal

It is a high for me. It is my biggest and most satisfying deal,

Lakshmi Mittal

When I think about parallels between myself and an Olympian, I

believe that success in the world of business is underpinned by very

similar principles of perseverance and hard work. Lakshmi Mittal

I built a steel plant from the grassroots, so I learned all the nuts

and bolts. When there was a problem, I would be able to guide them,
though I am not a technical person. Lakshmi Mittal

We are beginning to see the benefits of global consolidation,

Lakshmi Mittal

Im cautious about the currency situation, oil pricing and the

economies of some countries not performing as we are expecting.

Lakshmi Mittal

The torch relay is an excellent embodiment of all that the Olympic

Games have come to symbolise a celebration of the human spirit.

Personally to me, it represents striving to be the best in whatever we

do, never giving up despite the odds, and a commitment to health and
fitness. Lakshmi Mittal

We are not in the business of iron ore. Whatever captive iron ore

sources we have, we use it to make steel Lakshmi Mittal


A strong player, which has the sufficient critical mass, can withhold

pressure better and create a more stable environment that benefits

shareholders as well as employees. Lakshmi Mittal

I am very confident that we will be able to convince all the

stakeholders the shareholders, the governments and the employees,

that this is in their best interests. Lakshmi Mittal

Always think outside the box and embrace opportunities that

appear, wherever they might be. Lakshmi Mittal


We have experienced highly challenging global market conditions

in the past quarter with significant steel price decline in all regions.
Lakshmi Mittal

The danger, though and there have been signs of this recently

is that Europe begins to demonstrate a return to more nationalist

sentiment. To my mind, that would be a great mistake. Lakshmi

In our industry today only a strong company with a global reach

can ensure long-term employment and provide acceptable returns for

shareholders. Lakshmi Mittal

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