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Lakshmi Niwas Mittal Essay Example

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Lakshmi Niwas Mittal

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Lakshmi Niwas Mittal. When Mittal arrived there he changed his mind and said, “I would like to build a steel company in Indonesia” (Brinda, 2006) and as Mittal himself says that was “beginning of life.” Shortly afterward he married and 1994 due to differences with his father and brothers he branched out on his own taking over the international operations of the Mittal steel business. Believing in a policy of globalization and merger Mittal set up factories in many places around the world.After establishing Ispat Indo, Indonesia in 1976, in 1989, he leased Iscott, Trinidad, and Tobago. In 1992, he entered the Mexican market; later in 1994, he bought Sidbec-Dosco, Canada. Then in 1995, he bought Hamburger Stahlwerke, Germany.

Again, in 1995 itself, he moved HQ to London and entered Kazakhstan market. In 1996, he bought Irish Steel and in 1997, Ispat International floated. However, as losses topped 750,000 punts a month the Irish Steel plant was closed in 2001. In the same year, he bought Sidex plant, Romania. One major key factor for his growth is that he consciously avoided scourging iron from higher cost scrap sources favored by rivals. Another key factor has been the championing of small steel mills – a strategy followed by him since his days as a steel magnate elect in 1970’s in India. His merger with Arcelor in 2006 made Arcelor Mittal the world’s largest producer of steel with assets in France, Belgium, Romania, Bosnia-Herzegovina, South Africa, Poland, Czech Republic, Indonesia, Kazakhstan, Canada, Bulgaria, US, Trinidad, Brazil, and Mexico. Mittal has deserving been awarded many awards from the ‘steelmaker of the Year – New Steel’ in 1996; ‘Willy Korf Steel Vision Award – American Metal market & PaineWebber's World Steel Dynamics’ in 1998; ‘European Businessman of the Year’ by Fortune Magazine in 2004; ‘Person of the Year’ by Financial Times in 2006; ‘Bessemer Gold Medal’ in 2007; the prestigious ‘Padma Vibhushan’ in 2008 to name a few. Lakshmi Niwas Mittal.

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preview essay on Lakshmi Niwas Mittal
  • Pages: 4 (1000 words)
  • Document Type: Essay
  • Subject: Business
  • Level: Undergraduate
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