NARMADA COLLEGE OF MANAGEMENT

Name -: Farha naaz Malek

Enrollment no. -:197370592009
Sem -: 4
Leadership assignment on
“LAXMI MITTAL”
 Introduction
Lakshmi Niwas Mittal (born 15 June 1950) is an Indian steel magnate, based in the United
Kingdom. He is the chairman and CEO of ArcelorMittal, the world's largest steelmaking
company. Mittal owns 38% of ArcelorMittal and holds a 20% stake in Queens Park Rangers F.C.

In 2005, Forbes ranked Mittal as the third-richest person in the world, making him the first
Indian citizen to be ranked in the top ten in the publication's annual list of the world's richest
people. In 2007, Mittal was considered to be the richest Asian person in Europe. He was ranked
the sixth-richest person in the world by Forbes in 2011, but dropped to 82nd place in March
2015. He is also the "57th-most powerful person" of the 72 individuals named in Forbes' "Most
Powerful People" list for 2015. His daughter Vanisha Mittal's wedding was the second-most
expensive in recorded history.

Mittal has been a member of the board of directors of Goldman Sachs since 2008. He sits on the
World Steel Association's executive committee, and is a member of the Global CEO Council of
the Chinese People's Association for Friendship with Foreign Countries, the Foreign Investment
Council in Kazakhstan, the World Economic Forum's International Business Council, and the
European Round Table of Industrialists. He is also a member of the board of trustees of the
Cleveland Clinic.

In 2005, The Sunday Times named him "Business Person of 2006", the Financial Times named
him "Person of the Year", and Time magazine named him "International Newsmaker of the Year
2006". In 2007, Time magazine included him in their "Time 100" list.

In 2019, Forbes named him in the list of India's Richest 2019.

 EARLY LIFE AND CAREER
Mittal was born in a Marwadi Family. He studied at Shri Daulatram Nopany Vidyalaya, Calcutta
from 1957 to 1964. He graduated from St. Xavier's College, affiliated to the University of
Calcutta, with a B.Com degree in the first class. His father, Mohanlal Mittal, ran a steel business,
Nippon Denro Ispat.

In 1976, due to the curb of steel production by the Indian government, the 26-year-old Mittal
opened his first steel factory PT Ispat Indo in Sidoarjo, East Java, Indonesia. In 1989 Mittal
purchased the state-owned steel works in Trinidad and Tobago, which were operating at an
enormous loss. He turned them into profitable ventures in a year.

Until the 1990s, the family's main assets in India were a cold-rolling mill for sheet steels in
Nagpur and an alloy steels plant near Pune. Today, the family business, including a large
integrated steel plant near Mumbai, is run by his younger brothers Pramod Mittal and Vinod
Mittal, but Lakshmi has no connection with it.

In the 1960s Mittal’s family moved to Calcutta (Kolkata), where his father operated a steel mill.
Mittal worked at the mill while studying science at St. Xavier’s College. After graduating (1970)
he served as a trainee at the mill, and in 1976 he opened his own steel mill in Indonesia. He spent
more than a decade learning how to run it efficiently. In 1989 Mittal purchased the beleaguered
state-owned steel works in Trinidad and Tobago, which had been losing huge sums of money. A
year later that facility had doubled its output and had become profitable. He used a similar
formula for success in a series of acquisitions all around the world, purchasing failing (mostly
state-run) outfits and sending in special management teams to reorganize the businesses.

Mittal’s business philosophy emphasized consolidation in an industry that had become weak and
fragmented. Although demand for steel remained high, smaller steel companies had been unable
to strike competitive deals with their major clients, notably automakers and appliance
manufacturers. Mittal’s company, however, controlled about 40 percent of the American market
for the flat-rolled steel used to make cars, which allowed the giant steelmaker to negotiate more
favorable prices. In 2004 Mittal merged his companies, Ispat International and LNM Holdings,
and acquired Ohio-based International Steel Group. The newly created company, Mittal Steel
Co. NV, emerged from the deal as the world’s largest steelmaker. Two years later Mittal oversaw
another merger when Mittal Steel joined with Arcelor to form ArcelorMittal.

Leadership traits
Commonly known as Indian steel magnate with Net Worth $12 Billion in 2016, Lakshmi Mittal
is the Chairman and CEO of the world's largest steelmaking company, ArcelorMittal. Here are
his top 10 rules for germinating startups:-

 Knowledge is the key- He personally believes that if you have knowledge, ambition,
focus and if you are determined use it to grow. Knowledge is power in simple words
knowledge is the key to success.

 Take bold decisions- It's your decisions that differs you from others. The decisions that
you take need to be very transformative and it has to succeed. Bold decisions are not easy
and free from risk so before taking them you have to apply your full experience, see and
analyze through the situation and risk. One can only make a step change in their career by
taking such big, bold decisions.

 Be responsible- A company's long term success directly depends up on being responsible.

Being responsible not only provides you with more opportunities but it also builds a good
reputation and a sense of belongingness towards the company.

 Don't set high goals- Laxmi never sets high goals for himself. He believes to work in
present and try to achieve that very target. His goals keeps on changing as he proceeds in
life. One should not set high goals to avoid disappointment rather should focus on small
targets and its completion ultimately leading to big milestone as a whole.

 Seize the opportunities- Opportunities don't come everyday. For being successful one
should make and derive the maximum out of the present opportunities available in front.
Opportunities serves as challenges, which are very important for the growth and
diversification of any firm.

 Prove your critics wrong- Critics are the people who shows the reality and tells you about
the mistakes. In this competitive world only those firm achieves milestones who learns
from their mistakes and take critics in positive sense.

 Don’t lose focus- The most important rule for success is to maintain your focus. Being
focus on what you desire will only lead to your growth as an individual and startup as a
whole. Being focus here means taking any sort of steps small or big but towards the path
of success.
 Get experience- Nothing is more beneficial than the experience one poses. Experience
does not come by education but it can only be acquired by continuously working, sharing
and learning from others experience.

 Lead by example- For motivating and inspiring everyone, it's your duty to lead by
example. True leader never gives commands to his team but lead by doing things what he
wants others to do.

 Do things differently- For survival, stability, growth and diversification one should
always do things in one's own manner or differently from others. In such competition a
firm's growth directly depends there focus on core activities, doing the same work, task,
activities but in different manner that what makes the difference.