A few days ago, the world's second richest man Warren Buffett created the media headline by announcing that he would donate more than $30 billion to the charity foundation of Bill Gates to help the world's poor people. Bill Gates is always in the media headlines and Microsoft has a very well organized PR machinery that is working round the clock to give publicity. On the other hand, there are thousands of techies who hate Bill Gates and Microsoft for its growing monopoly in the tech world. Do you know who the third richest man in the world is now? He is Lakshmi Mittal, Chairman and CEO of Mittal Steel. If you have heard the name then how much you know about him! Have you ever wondered why his name does not come to the media headlines like Bill Gates and Warren Buffett.
A few days ago, the world's second richest man Warren Buffett created the media headline by announcing that he would donate more than $30 billion to the charity foundation of Bill Gates to help the world's poor people. Bill Gates is always in the media headlines and Microsoft has a very well organized PR machinery that is working round the clock to give publicity. On the other hand, there are thousands of techies who hate Bill Gates and Microsoft for its growing monopoly in the tech world. Do you know who the third richest man in the world is now? He is Lakshmi Mittal, Chairman and CEO of Mittal Steel. If you have heard the name then how much you know about him! Have you ever wondered why his name does not come to the media headlines like Bill Gates and Warren Buffett.
The Man of Steel with a smart brain
Lakshmi Mittal owns the largest steel industry in the world, Mittal Steel. Since, the beginning of this year, he tried to Arcelor of Luxembourg to merge with his company. It was a $34.4 billion merger and at first there was hardly any possibility of its being successful. Now, his company is at least 3 times larger than his nearest rival in the steel industry. Mittal has perhaps an intuitive ability to understand and take the right decision at the right time in the steel world. His rise in the steel industry and world business scenario is like a fairy tale story considering the fact that he had a very humble beginning.
A humble beginning but a fairy tale Ending
Mr. Mittal was born on June 15th, 1950 in an underdeveloped village called Sadulpur in the Indian state of Rajestan. He lived in an ordinary house and neither his house nor the village had any electricity facility. His family shifted to Calcutta (now Kolkata) and Lakshmi Mittal studied at St. Xavier’s College, one the most famous educational institutions in India. Fortunately, his father had some good success in the steel business and he went to Indonesia in 1976 to set up a steel plant there. It was a good success and he started his successful journey to the steel industry that is still going on. He made his mark in the international scenario but he never forgot his Indian root.
The Indian connection
When there was uncertainty and a lot of obstacles in the last few months over Mittal Steel's bid on Arcelor, the whole of India stood behind Mittal. The Indian government openly supported him and the Indian media also gave him a lot of moral support. Many people in India wanted him to be successful as he is one of them. Mittal may live most of his days in Europe but he has neither forgotten nor neglected his Indian root. He is now keen on expanding his business empire in India and this will surely create many jobs in the Indian economy. There are media reports that he is also interested about the hydrocarbon industry in India. Apart from India, he is taking China seriously and most probably, he will come up with some huge investments in China in the coming days.
The most expensive house and the most expensive Wedding Party
The super rich people often catch the media headlines because of their huge spending for something. Mittal had its share of it too. In BBC, I found this about his buying house:
"In fact, some of his recent personal purchases would have even had Russian tycoon Roman Abramovich checking there was enough cash in his account.
Take Mr Mittal's house, or rather his neo-Palladian mansion, in London's exclusive Kensington Palace Gardens.
Bought from Formula One tycoon Bernie Ecclestone in 2003 for £70m, it is said to be the most expensive private residence ever bought."
So, you can see that Mr. Mittal has good taste when it comes buying a house. If you are not impressed with it then I am sure you will be impressed to know that he hosted one of the most expensive and lavish wedding parties of our time for his daughter's marriage in 2004. £34m was spent for this wedding celebration. Well, I wonder how much Mr. Mittal could spend for his own marriage celebration many years ago when he was not a rich man.
Charity and Controversy
Until now, Lakshmi Mittal's name has not come in the media in terms of donating huge money for charity. Actually, the only notable donation that I found to be associated with him was giving £125,000 to the UK Labor Party election fund before 2001 General Election in UK. It created a huge amount of controversy in British political arena.
The demand of steel is rising these days because of booming business in India and China. Mr. Mittal will surely become richer in the coming months. Hopefully, we will see him more in the media headlines and know more about him.
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Dear Sir
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please i will finish my junior high next four months .. and i need you help to further my education.
i know as you are a good man you will do some thing about it .
extend my greetings to your family.
take care
hoping you will help me .
here is my postal address .
Abdul Rashid Umar
c/o Aliu Sessey
p.o.box [ah] 9459
Ahensan -kumasi ..
Ghana - west africa.
Posted by: Abdul Rashid Umar | January 7, 2007 7:37 AM | Permalink to Comment