Indian steel magnate named Britain’s richest man
Indian-origin Lakshmi Mittal who heads the world’s biggest steelmaker ArcelorMittal, has topped the rich list for sixth consecutive year in the UK’s Sunday Times newspaper. Despite the recession, Mittal’s wealth scaled up to £22.45 billion from £10.80 billion last year.
Nominally the richest Briton, Mittal hails from India, where his father built up the family steel operation in Kolkata.
In 2009, ArcelorMittal had revenues of US$65.1 billion and crude steel production of 73.2 million tonnes, representing approximately 8% of world steel output.
Recently ArcelorMittal acquired a 28.8% stake in Uttam Galva Steels, a producer of cold rolled steel, galvanized products and colour coated coils and sheets, based in western India.
ArcelorMittal has also entered into initial discussions with BHP Billiton to potentially combine their respective iron-ore mining and infrastructure interests in Liberia and Guinea within a joint venture.