The Indian Family Who Own Britain's Steel Industry: The Mittals

The Mittal family, originally of Indian descent, has not only taken over the British steel industry, but they've done it in a style that rivaled the most legendary European royalty.

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TIMESTAMPS:
0:00 Introduction
2:36 Chapter 1: The Money Mittals
6:08 Chapter 2: Making The Mittals
9:22 Chapter 3: Laksmi Leads The Charge
11:36 Chapter 4: From Rich To Wealthy
15:12 Chapter 5: The Future of The Mittal Dynasty

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The Mittal family’s fortune is nothing short of monumental, akin to a modern financial epic.

Their net worth stands at an impressive £14 billion (around $18 billion USD), anchored by ArcelorMittal, the world’s second-largest steel producer and the largest in Europe.

Valued at £72 billion (approximately $94 billion USD), ArcelorMittal represents a significant slice of the global steel market outside China.

Additionally, the Mittals hold a 41% stake in Aperam, another industrial powerhouse.

Lakshmi Mittal, the family patriarch, boasts a property portfolio valued at over £400 million.

His Kensington residence in London is a paragon of luxury, featuring twelve bedrooms,

Turkish baths, an indoor pool, and marble from the same quarry as the Taj Mahal. Aditya Mittal, the heir apparent, resides in an 11-bedroom mansion on London’s Billionaires' Row, purchased for £117 million in 2008.

The Mittals’ real estate extends globally, including a £20 million colonial bungalow in New Delhi.

Lakshmi Mittal’s car collection, with nearly twenty vehicles, is a testament to his success, including a Porsche Boxster and a Mercedes-Benz C-Class.

Their RV, the Palace on Wheels, epitomizes mobile luxury with its bedroom, living room, fully functioning bathroom, and even a garage.

Additionally, the Mittal family owns a 360-foot yacht valued at £200 million, with annual running costs of £15 million, and a Gulfstream G550 private jet for seamless global travel.

But how did the Mittal family amass such staggering wealth?

The Mittals are rooted in a tradition of business acumen and entrepreneurial spirit. Lakshmi Mittal, born in Sadulpur on June 15, 1950, emerged during a transformative era for India.

His father, Mohan Lal Mittal, established a steel mill in Kolkata, seizing opportunities in India’s burgeoning economy.

Lakshmi, balancing work at the family mill with his education, graduated with first-class honors from St. Xavier’s College in Kolkata in 1970.

In 1976, he launched Ispat International in Indonesia, navigating restrictive steel quotas in India.

Despite initial challenges, Mittal’s innovative strategies led to profitability.

His focus on acquiring and revamping underperforming plants fueled expansion across multiple countries.

Notable acquisitions included plants in Trinidad and Tobago, Mumbai, Nagpur, Pune, Mexico, Canada, and beyond.

The 2006 acquisition of Arcelor, the world’s largest steel producer, marked a significant milestone, leading to the formation of ArcelorMittal.

Under Mittal’s leadership, the company expanded aggressively, acquiring the Baffinland iron ore mine in Canada, a steel plant in China, and Essar Steel in India.

ArcelorMittal stands as the largest steel producer outside China, producing over 58 million tonnes annually.

However, ethical controversies, including worker safety issues and political scandals, have marred their reputation.

At 74, Lakshmi Mittal is gradually transitioning leadership to his children.

Usha Mittal has championed philanthropic efforts, including establishing the Usha Mittal Institute of Technology in Mumbai.

Aditya Mittal, born on January 22, 1976, has played a crucial role in the family business, leading the transformative merger with Arcelor and engaging in significant philanthropic activities.

His sister, Vanisha Mittal Bhatia, also plays a key role, contributing to Aperam’s growth and strategic decisions.

The Mittal dynasty’s story is a dramatic blend of unparalleled fortune, opulence, and persistent controversy.

Their business prowess and lavish lifestyle shine brightly, yet the family faces ongoing challenges as they navigate the future.

[oldmoneyluxury]

COMMENT: What is your opinion of the Mittal family’s story?

[imhotepjasonduncanson]

Thank you for a diverse coverage of other non-European or American wealthy families. It is nice to mix it up occasionally. Enjoyable content.

[manogarannair]

He worked hard for his wealth.It didn't land on his plate. Let him enjoy it the way he sees fit !

[RishiGupta]

Next videos on Old Money Indian Families like Tata Family, Wadia Family, Birla Family, Bajaj Family, Ambani Family and political families like Nehru-Gandhi Family.

[jaggernauthramnarine]

Mittal and Metal go together. Lakshmi Mittal was a friend of my brother Dindial Ramnarine (Eddie) when he operated the steel mill in Trinidad 🇹🇹 .

[mumtazahmed]

Excellent coverage of the dynamic growth of Mittat. Really commendable brilliance, achievements and strategies 🎉

[akhtersadiq]

Thanks for this successful story . It is about hard work, humbleness, ability to take risks, visionary, good treatment of the employees, keeping the children engaged by your side with trusting them, and passing on baton at the right time . All these ingredients make a successful story .

[bigsylelectrics]

May GOD continue to bless MITTAL and his family. He has to pay workers in Trinidad and Tobago their severance for long years of working and helping build his empire. I prayer GOD continues protecting him and his family.

[qysklib]

This is it! Definitely continue the series.

[titizroyal]

They are important with their products. Thank you for your documentation.

[kaushikthaker]

Indian's have historical been part of British empire and always running business wherever British or European are, and being successful apart from few accidents.

[venchingfu]

Thank you, i am from India, we didnt know anything about Mittals until now. It is very tough and brutal to succeed in India as its a very corrupt society, but if you are successful, you can dominate the world

[leariewilliams]

After comming to Trinidad with not even money to lease the Iscott complex initially, the workers there continued to perform and mittal grew and became large in the steel industry but in March of 2016 shut the plant down terminated all employees some with as much as 35years of service without any compensation for those years service Big Bandit

[EngineerDJ_Julius]

the poetic narration gets me every time

[BhunsarwarkumarJangde]

We did not know as much as you have told us. You have explained it very well. You have explained it every time. Many Indians do not know about Mittal.

[bobbysahye]

I am afraid, as india gets richer, there will be more extravagant wedding in Europe.The British and Europeans generally likes to look down upon others, especially from third world country.The marwaris are some of the most business minded people in India and recently within the last 59 years globally.

[Jacklal]

I like successful people. Continue your work.

[carloskissoondhan]

I have great regards for Laxmi Mittal.

[backgroundmusic]

It's not metals it's mittal lol😂

[PraveenKumar-kjrq]

Great video
Post many videos on Indian riches