Lakshmi Mittal

Steel maker ArcelorMittal posts first quarter lost

ArcelorMittalLuxembourg - ArcelorMittal, the world's biggest steel producer on Wednesday posted a first quarter net loss of around 1.1 billion dollars, down from a profit of 2.4 billion a year ago. Quarterly sales halved from around 30 billion dollars to 15 billion dollars, the Luxembourg-based company announced.

ArcelorMittal's earnings before interest, tax, depreciation and amortization (EBITDA) fell by 2.8 billion dollars to 883 million dollars).

CEO Lakshmi Mittal said he expected to see a second quarter improvement in EBITA to up 1.5 billion dollars. The company's liquidity remains healthy.

Steel baron Mittal, Ambani brothers among Forbes’ top-ten super-rich

Lakshmi Mittal, Mukesh AmbaniWashington, Mar 10 : Twenty-four Indians have made it into the Forbes magazine’s list of ‘World’s Richest’ with Steel tycoon Lakshmi Mittal in fourth place.

Four Indians made it to the top 10, including Mukesh Ambani, Anil Ambani and K. P. Singh in the fifth, sixth and eighth places respectively.

After 13 years at the top, Microsoft founder Bill Gates is no longer the richest man in the world. That honor now belongs to his friend and Microsoft co-founder Warren Buffett.

Mittal tops Abramovich in world’s richest footie club owners list

London, Jan. 7: Indian-born steel baron Lakshmi Mittal has pushed Russo-Latvian billionaire Roman Abramovich down the rankings in the latest world top 20 rich list of football club owners.

According to The Mirror, Mittal and his family, which owns the football club QPR, are worth 12.5 billion pounds, as opposed to Abramovich, who owns Chelsea, and is worth seven billion pounds.

Manchester City football club owner Sheikh Mansour bin Zayed Al Nahyan with earnings of 15 billion pounds is the only person ranked above Mittal, says the tabloid.

Abramovich was at the top the football club owners rich list from 2003 to 2008. Abramovich is believed to have lost a third of that in the world economic downturn.

The Rich List Top 20:

L N Mittal is now the Chairman of World Steel Association

It is a day for the nation to rejoice as Steel Tycoon L N Mittal, the L N Mittal is now the Chairman of World Steel AssociationArcelorMittal CEO has been elected as the Chairman of the World Steel Association, a representative body which includes 180 steel producers all over the world.

The announcement was made on the first day of World Steel Association’s 42nd annual conference in Washington. Mittal who earlier also held the position in its executive committee now has been presented with the most coveted position in the body.

Lakshmi Mittal is Special Sits loser

ArcelorMittalLondon, Sept. 11 : Indian-born billionaire businessman Lakshmi Mittal is sitting on a big paper loss.

With a net worth estimated by Forbes magazine to be 45 billion dollars, the 48 per cent slump in the RAB Special Sits fund this year and the 66 per cent fall in the RAB share price, will not make much of a dent in his finances, but will trouble him nonetheless.

The most valuable asset in Mittal’s investment portfolio is his 43 per cent stake in ArcelorMittal. Although the stock has fallen more than 36 per cent from its June high, the shares are still worth some €26.5bn (£21bn).

Mittal warns that delays raising costs of India projects

New Delhi, Sept 10 : Arcelor Mittal is facing cost overruns for its projects in India because of delays in securing regulatory approvals, and is looking to expand in other emerging markets, said its chairman, Lakshmi Mittal, today.

Arcelor Mittal, the world''s top steelmaker, had said it would invest 20 billion dollars over the next 10 years to build two steel plants in Jharkhand and Orissa to produce about 25 million tonnes of steel in total.

Addressing reporters here, Mittal said the costs could rise by about 50 percent because of delays in getting the necessary approvals and mine allocations,