Indian steel magnate named Britain's richest man

Lakshmi Mittal tops Sunday Times' rich list on strength of steel

The steel industry has made Mittal Britain's richest man.
The steel industry has made Mittal Britain's richest man.

Lakshmi Mittal and family have topped the rich list in the UK’s Sunday Times newspaper.

Mittal heads up the world’s biggest steelmaker, ArcelorMittal and has had his wealth estimated at £22,450 million (AED126,777 million), up from £10,800 million in 2009.

Nominally the richest Briton, Mittal hails from India, where his father built up the family steel operation in Calcutta.

In 2009, ArcelorMittal had revenues of $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 color 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.

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