Mittal_Story

Laksmi Nivas Mittal   1. Lakshmi Nivas Mittal * “ Always think outside the box and increase the opportunities that appear, wherever they might be” 2. Biography - Lakshmi Nivas Mittal * Indian born British steel tycoon * Born on June 15 th 1950 in Rajasthan * Family moved to Kolkata from Rajasthan * His father Mohanlal Mittal set up a small steel mill in Kolkata. 3. * Finished his bachelors degree in business and accounting Mittal began his early career in his fathers steel firm in the early 70s * In 1976 Mittal moved to Indonesia and acquired a steel plant ISPAT INDO. * His success has largely been built on buying up loss making steel owned mills and quickly turning them around.   4. * His wife Usha runs the Indonesian business and his son Aditya and daughter Vanisha are members of the board of directors of Mittal steel. 5. MITTAL STEEL 6. History of Mittal Steel * Mittal Group got into steel industry in 1976 when M L Mittal left country because of India’s restrictive economic policies. He went to Indonesia to set up ISPAT INDO. * Group started spreading its activities across the globe in 1989 when it acquired an ailing plant in Trinidad and Tobago which was revived. 7. * 1994 group underwent partition of business interest in the family. All the foreign business were hived of into a separate group ISPAT International under the control of L N Mittal while Indian operations remained with his younger brothers P K Mittal and V K Mittal 8. Mittal Steel growth Timeline * 1989 – Acquisition of Iron and Steel company of Trinidad and Tobago * 1992 – Acquisition of Sibalsa * 1994 - Acquisition of Sidbec dosco * 1995 - Acquisition of Hamburger Stahlwerke, ISPAT International Ltd and ISPAT Shipping formed/ Acquisition of Karmet * 1997 - ISPAT International goes public * 1998 - Acquisition of Inland Steel Companies * 1999 - Acquisition of Unimetal * 2001 - Acquisition of ALFASID/Acquisition of Sidex * 2002 - Business assistance agreement signed with ISCOR 9. Mittal Steel growth Timeline * 2003 - Acquisition of NOVA HUT * 2004 - Acquisition of Polski Huty State/ Acquisition of B H Steel / Acquisition of Macdenonia Facilities from Balkan Steel / Creation of Mittal Steel and Proposed Acquisition of International Steel * 2005 - Acquisition of Stake in Hunan Valin / ISG Acquisition completed / Mittal Steel Europe created / Mittal steel makes Fortune 500 / MDA with Liberian Government / Acquisition of Kryvorizhstal / Acquisition of Stelco subsidiaries * 2006 - Merger with Arcelor 10. Current Status * World’s largest and most global steel company with shipment of 49.2 million tones and revenue of over $28.1 billion in 2005 and net income of $3.4 billion * No. 1 high quality steel producer with crude steel capacity with more than 70 million tons per annum * Own steel making facilities in 16 countries spanning 4 continents * Employs 224000 people spanning 49 different nationalities 11. Qualities and Distinctiveness * Hard working * Outstanding vision * Convincing, Motivating and guiding * Zeal and fierceness * Capacity to lead * Bravery 12. Awards * Mittal was awarded Fortune magazines “European Businessman of the Year 2004” * Previously, he was awarded “Steelmaker of the Year” in 1996 by New Steel in the USA * The “Willy Korf Steel Vision Award” in June 1998 * In March 2005, Forbes named him the third richest man in the world and the richest non-American, with a wealth of $25 billion. 13. * L N Mittal is a member of * The Foreign Investment Council in Kazakhstan, * The International Investment Council in South Africa, * The World Economic Forum’s International Business Council and * The International Iron and Steel Institute’s Executive Committee. * L N Mittal is on the advisory board of the Kellogg School Of Management in the US 14. * Mittal Steel believes that businesses should play a major role in supporting the communities in which they operate. * Operations by Mittal Steel in the sense of social responsibility kind of support to: * Kazakhstan * South Africa * USA * Algeria * India CORPORATE SOCIAL RESPONSIBILITY 15. Education * Mittal Steel South Africa has donated over $177mn to community development projects * Company’s latest project to sponsor South Africa national science Olympiads * Mittal Steel sponsorship is valued at $1.5mn 16. Health and Safety * Robust set of safety standards to reduce accidents. * Mittal Steel operates an E-Room. * Safe business is a good business. 17. Sports * Sponsorship &support to football , basketball & other sports. * Sporting beneficiaries are Czech Republic, Romania & Algeria. * Sporting link with west Indies 18. Community * Main provider of electricity. * Urban development project in Karaganda Mittal Steel acquired Termiratau in 1995. * Constructed modern facilities for the Karaganda Metallurgical institute. * In Algeria Company gave $100,000 aid. * $242,000 Corporate contribution in 2005. * Management & Employees equally moved by devastation when hurricane Katrina inflicted. * This raised more then $500,000 for red cross. 19. * “ The steel industry has always been fragmented. The steel industry needs to be consolidated,'' Mittal said in a television interview on CNN. * Steelmakers across Asia are putting defensive measures in place to prevent being swallowed by Arcelor Mittal. Mittal is combining with Luxembourg-based Arcelor SA in a $38.3 billion transaction to create a company pouring a 10th of the world's steel. * ``We are focusing on India and China,'' Mittal said July 7 in Bhubaneswar, India. ``India is a very important milestone for us to remain the biggest company in the global steel industry.'' 20. LEADERSHIP STYLE * A transactional leader: * Mittal is a transactional leader who guides and motivates his followers in the direction of established goals by clarifying role and task requirements. 21. * The Leader in Mittal- * A great individual * A corporate leader in business * Started the trend of mergers around the world * A caring family man * A complete human being 22. * “ This is not about creating a giant ….its about creating the sustainability of the steel industry..” * -Lakshmi Niwas Mittal 23. * Contact Address : * Lakshmi Mittal Summer Palace The Bishops Avenue Hampstead Garden Suburb London N2 OAB Great Britain Phone : 0171 629 7988 Website : www.mittalsteel.com