Success Story of Lakshmi Niwas Mittal
Lakshmi Mittal is an Indian businessman who founded ArcelorMittal, the worlds largest steelmaking company.In 1970, Lakshmi moved to Kolkata with his family while studying science at St. Xaviers College.
Lakshmi Niwas Mittal was born on 15 June 1950. After high school, he moved to Delhi where he began his business career.
Lakshmi Niwas Mital is one of the most successful business people in India. He has been ranked among the most successful entrepreneurs by Forbes Magazine as well as Fortune Magazine.
He worked for several companies before starting his own business in 1992, when he joined Larsen & Toubro as an executive director. After that, he started a company named ArcelorMittal. ArcelorMittal operates steel mills in India and the US, among other places.
Mittals business philosophy focused on consolidation in an industry that had become weak and fragmented. Mittal merged with smaller steel manufacturers who struggled to strike competitive deals with major clients such as automakers and appliance manufacturers.
Lakshmi heads up an entity with over two-thirds market share that reported nearly $15 billion net income in 2021 after losing approximately one-third of their "losses" from 2020 when they were aided by higher demand for metal ore pairs like metals and oil (oil prices shot up).
Lakshmi Mittal, chairman of the worlds largest steel and mining company by revenue, was born from a family that has been in steel for generations. He started as an independent trader before merging with Arcelor to form ArcelorMittal.
akshmi then went on to acquire Essar Steel for $5.9 billion; he remains board chairman but ceded the CEO position to his son Aditya Mittal in January 2021 due to previously announced plans following a major corporate restructuring effort undertaken by ArcelorMittal.
Even though Lakshmi Niwas Mittal had had many failures along his journey as an entrepreneur, he eventually found success with ArcelorMittal and has taken his company from an initial investment of a few million USD dollars to now being worth over 14 billion USD dollars.
Lakshmi Niwas Mittals success story is a testament to the success of hard work and perseverance. If you want to start your own business, you can follow in his footsteps and achieve the same level of success!
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