Thread by @stockifi_Invest

Mega-Thread on the Lakshmi Narayan Mittal: The Indian Steel Magnate and the Executive Chairman of the World's Largest Steel Company: Arcelor Mittal

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1) Lakshmi Narayan Mittal was born June 15, 1950, in Sadulpur, Rajasthan.

2) ArcelorMittal traces its roots back to 1976 when Mittal Steel Company was founded.

3) It merged with French steelmaker Arcelor in 2006 to form ArcelorMittal.
Mittal owns 38% of the company and a 20% stake in Queens Park Rangers.

4) In the early 1960s, Mittal's family moved to Calcutta (Kolkata), where his father operated a steel mill.

5)Mittal worked at the mill while studying science at St. Xavier’s College.
He served as a trainee at the mill after graduating (1970) and then in 1976, he opened his own steel mill in Indonesia.

6)After witnessing India win only one medal, bronze, in the 2000 Summer Olympics, and one medal, silver, at the 2004 Summer Olympics, Mittal decided to set up the Mittal Champions Trust with $9 million to support ten Indian athletes with world-beating potential.

7) He donated £125,000 (about $180,000) to the Labour party in 2001.
This created controversy when it emerged that Blair had helped Mittal buy a steel company in Romania, while Mittal's firms supported a U.S. tariff opposed by British steel producers.

8)In 2004 Mittal amalgamated his companies, Ispat International and LNM Holdings, and acquired the Ohio-based International Steel Group.

9) The newly created company, Mittal Steel Co. NV, emerged from the deal as the world’s largest steelmaker.
Two years later Mittal oversaw another merger when Mittal Steel joined with Arcelor to form ArcelorMittal.

10)Mittal, who was sometimes described as being media-shy, often made news for his notable expenditures, including a record £70 million ($128 million) for a 12-bedroom home in London and an estimated $60 million for his daughter’s 2004 wedding in Paris.

11)Mittal has been a member of the board of directors of Goldman Sachs since 2008.

12) From 2008 to 2012, ArcelorMittal was allowed to emit 90m tonnes of CO2 per year from its plants in the EU. The company, however, emitted just 68m tonnes of CO2 last year.

13)As the boss of the world’s biggest steel outfit, Lakshmi Mittal, suffered the largest loss of any individual on the list, dropping an astonishing $10.4 billion in just one year, leaving him with $20.7 billion, In 2012.

14)In 2014, Lakshmi Mittal has bid for an iconic mountain range in Britain, sparking protests from local people who believe the move could make the area a playground for the super-rich.

15)He is also the "57th-most powerful person" of the 72 individuals named in Forbes' "Most Powerful People" list for 2015, currently ranking at 133rd position in 2021.

16)He sits on the World Steel Association's executive committee and the Global CEO Council of the Chinese People's Association for Friendship with Foreign Countries, the World Economic Forum's International Business Council, and the European Round Table of Industrialists.

17)He is also a member of the board of trustees of the Cleveland Clinic as one of the nation's best hospitals in its annual “America's Best Hospitals” survey.

18)In 2008, Mittal awarded Abhinav Bindra Rs. 1.5 Crore being the first individual Olympic gold medal in shooting.

19)ArcelorMittal also provided steel for the construction of the ArcelorMittal Orbit for the 2012 Summer Olympics.

20)In April 2018, Mr. Mittal was awarded the Gary Medal by the American Iron and Steel Institute award recognizing his contribution to the steel industry.

21)In 2019, Arcelor and Nippon Steel completed their $5.9 billion acquisition of Essar Steel, once controlled by billionaires Shashi and Ravi Ruia.

22)The company reported a net loss of $0.7 billion in 2020, a year in which steel shipments declined by close to a fifth.

23)During the COVID-19 pandemic in 2020, Laxmi Mittal donated *100 crores to the PM cares fund.

24) Lakshmi Mittal’s lingering unpopularity in France has taken a curious turn. It has inspired the creation of a new French video game, explicitly named ‘Kill Mittal’.

25)The game is based on workers’ opposition to the closure of two steel blast furnaces by ArcelorMittal in the north-eastern town of Florange.

26)Mittal made the donation to Harvard with an aim to increase engagement with South Asian countries, including India.

27)He plans to build a 30-million-pound mansion on the outskirts of London that designers claim to have a "0-carbon" footprint.

28)The unique modern design will not only ensure the house is zero-carbon but will make the entire 340-acre estate carbon negative.

29)Kensington Palace Gardens in London, as a residential address of NRI steel baron Lakshmi Mittal, is the second most expensive in the world, with more than $107,000 in average meter-for-meter prices.

30)Moreover, Mittal also created the LNM Institute of Information Technology (LNMIIT) in Jaipur as part of its partnership with the government of Rajasthan in 2003.

31)3.5 million British pounds were donated by Lakshmi Mittal to Oxford to develop the Covid-19 vaccine.

33)Obama expressed appreciation to Lakshmi Mittal, for investing in the recession-stricken US and creating jobs.

34)A European scheme to curb global warming will give a 1-billion-dollar windfall to steel magnate Lakshmi Mittal under the "carbon credits" it receives.

35)As a student he was able to prove his principal wrong when he topped Saint Xavier's College even though he was earlier denied admission for not being fluent in English.

He also served on the faculty of St Xavier's College in Kolkata.

36)In January 2008, He was awarded the Padma Vibhushan, India’s second-highest civilian honor, by the President of India.

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