Few business leaders have reshaped a global industry the way Lakshmi Mittal did with steel. From modest beginnings in Rajasthan to building ArcelorMittal into one of the world’s largest steelmakers, Mittal’s rise is often described as one of the most remarkable business stories of the modern era. 

Known for reviving struggling steel plants, living lavishly and making bold global bets, the billionaire industrialist has remained a towering figure in international business for decades. Here are 10 fascinating facts about the man often called the “King of Steel”. 

Named after the goddess of wealth 

Born into a Marwari business family in Rajasthan, Mittal was named “Lakshmi” after the Hindu goddess of wealth and prosperity — a name that would later become symbolic of one of the world’s biggest fortunes. 

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A childhood far from luxury 

Long before private jets and mansions, Mittal grew up in modest surroundings. His extended family of nearly 20 people reportedly lived together in a house built by his grandfather, sleeping on concrete floors and cooking meals over open fires. 

The move that changed everything 

In 1976, when India’s steel industry faced heavy production restrictions, Mittal moved to Indonesia at the age of 26. There, he established his first steel plant, PT Ispat Indo — a decision that marked the beginning of his global steel empire. 

The “doctor” of sick steel plants 

Mittal earned a reputation for acquiring struggling state-owned steel mills across the world and turning them profitable. His aggressive expansion strategy transformed him into one of the most influential industrialists in the sector. 

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This acquisition-driven growth eventually led to the creation of ArcelorMittal, now a dominant player in the global steel market. 

The wedding that stunned the world 

In 2004, Mittal hosted one of the world’s most extravagant weddings for his daughter, Vanisha Mittal, in Paris. The multi-day celebration reportedly cost around $60 million and included events at the Palace of Versailles. The wedding became a symbol of the billionaire boom era and drew global attention for its sheer scale and opulence. 

A London mansion with Taj Mahal marble 

Mittal’s residence at Kensington Palace Gardens in London was once considered among the world’s most expensive homes. Reports at the time said the mansion featured marble sourced from the same quarry used in the construction of the Taj Mahal. 

Backing India’s Olympic dreams 

Concerned by India’s poor medal tally at the Olympics, Mittal launched the Mittal Champions Trust with an initial contribution of $9 million. The initiative aimed to financially support promising Indian athletes and improve the country’s international sporting performance. 

Breaking into Forbes’ elite club 

In 2005, Mittal became the first Indian citizen to enter the top 10 of the Forbes global rich list. At one point, he climbed as high as the third-richest person in the world, reflecting the rapid expansion of the global steel business during the commodities boom. 

Major philanthropic contributions 

Mittal has also made significant charitable donations over the years. One of the most notable was a £15 million contribution to London’s Great Ormond Street Hospital, helping fund a new children’s medical centre. 

The donation was described as the hospital’s largest private contribution at the time. 

Steel behind iconic global landmarks 

Steel produced by Mittal-linked companies has been used in several iconic global projects, including the Burj Khalifa — the world’s tallest building — and the ArcelorMittal Orbit sculpture built for the 2012 London Olympics. 

From industrial turnaround expert to global billionaire, Mittal’s journey mirrors the rise of Indian-origin business leaders on the world stage — a story built on risk-taking, scale and relentless expansion. 

Despite his immense wealth and luxury assets, Mittal has often remained relatively low-profile compared to some other Indian billionaires. According to Forbes’ 2026 billionaires list, Mittal’s real-time net worth is estimated at nearly $30 billion, placing him among the world’s richest industrialists. Most of his wealth comes from his stake in ArcelorMittal, the world’s largest steel and mining company by output.

Published on: May 3, 2026 6:01 PM IST