Lakshmi Mittal remains the dominant figure in the global steel industry. The 75-year-old executive chairman of ArcelorMittal has tried to be a low profile figure in recent years but on the rare occasions he speaks, people in the steel industry give him their full attention.
He was born in Rajasthan, grew up in Calcutta (now Kolkata) under the watchful eye of his father, Mohanlal Mittal, and came to London in 1995 from Indonesia where he had set up his own steel venture (separate from that of his father). He has been hailed as the “Carnegie of Calcutta” in a comparison with the legendary Andrew Carnegie, the 19th-century American steel industrialist.
Lakshmi runs ArcelorMittal with his son, Aditya, 50, who is the company’s CEO.
ArcelorMittal describes itself as “one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 14 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia through its joint venture ArcelorMittal/Nippon Steel India. ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries.”
It says: “Our purpose is to produce smarter steels for people and planet. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for the renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change.”
Like thousands of other entrepreneurs, Lakshmi has been driven out of the UK by the decision of the chancellor Rachel Reeves to levy inheritance tax on global assets. Lakshmi has taken Swiss residency and bought a home in Dubai but he has not so sold his mansion in Kensington Palace Gardens which would suggest he probably hopes to return one day. The Mittals love living in London.
A business editor of a British national newspaper spotted Lakshmi dining with colleagues in Nobu, an upmarket Japanese restaurant in Old Park Lane in London and questioned the wisdom of triggering the exodus of rich people out of the UK: “They are spending lots of money in nice restaurants and creating jobs.”
Meanwhile, Aditya, who has young children, is staying put in London, at least, for now.
In Eastern Eye’s 2026 rich list of the 101 wealthiest Asians in the UK, the Mittals were ranked second with £15.5bn. That will have gone up because the value of ArcelorMittal shares rose from 39 euros at the start of September last year to 54 euros in February 2026. Admittedly, that was before US President Donald Trump declared war on Iran.
Lakshmi’s work pattern has not changed very much in recent years. He travels the world (usually in his private jet) meeting presidents and prime ministers. For example, he and the Liberian president, Joseph Nyumah Boakai, jointly launched an expanded mining facility known as a “concentrator” in June last year.
Like his father, Aditya, too, has led a private life in the last few years. But there was a glimpse into the functioning of the Mittal family – and why it is so influential – following the death of the dynasty’s patriarch, Mohanlal Mittal, in London on 15 January 2026 at the grand old age of 99.
All 120 staff in the London office were invited to the funeral which was held at the Chilterns Crematorium in Buckinghamshire, and the memorial service at the Chancery Rosewood hotel in Grosvenor Square. Many took up the invitations as friends and colleagues from all the world.
The farewell to Mohanlal by 54 members of the inner core of the Mittal dynasty, including his five children and their spouses, 11 grandchildren and their partners, and no fewer than 22 great grandchildren reflected old school Indian family values. The Mittal family came across as singularly united.
The Mittals’ show of unity came at a time when the news in Britain was dominated by the splits between Prince Harry, Duke of Sussex, and his father and brother, King Charles and William, Prince of Wales, respectively, and the manner in which Brooklyn Beckham rubbished his parents, David and Victoria Beckham.
People gained some understanding of why Lakshmi and Aditya have succeeded in building up a global empire. Mohanlal had impressed on his family that there was no substitute for hard work, instilled confidence in them and urged them to stand on their own two feet.
First up on stage was Lakshmi, who provided a snapshot of his father’s life.
“I had the rare privilege of spending 75 years with my father. Very few people are blessed with so much time with their father. While we feel deep sadness, we also feel great gratitude for the life we shared.
“My father lived a long and meaningful life of almost 100 years. He saw great changes in the world, in society, technology and nations. Yet his values never changed. He believed in discipline, hard work, honesty, curiosity, and above all, family. These values stood him in good stead.
“He was born in Rajgarh, a small village in Rajasthan. Many born in such circumstances may have limits to what they dream of, but not my father. He wanted to learn. He wanted to grow. He wanted to explore. He wanted to travel.
“This curiosity and thirst to experience everything in life would lead to him starting his first business of trading in Karachi, which was then part of India. After partition, he moved to India, and his first port of call was Hardoi, a small place in Uttar Pradesh. From there, he moved to Calcutta and started his steel business. I moved to Calcutta in 1954. From there, he grew the business and laid the foundation for global business.
“He taught me how to walk, how to run, how to learn and how to think. He was a strict father, but his strictness came from love. He always pushed me to work hard and do my best. Our happiest moments were simple ones spent with my family. At every stage of my life, my father held my hand. He was my mentor and my guide. When I hesitated, he encouraged me to be bold when opportunities came. He pushed me to move forward.
“He supported my decision to leave India (for Indonesia) and face the world. Over the years, our relationship grew beyond father and son. We became close friends. We spoke often about family, business, politics and world affairs. We shared many laughs. I have so many stories about my father, which I will treasure always, but I will share one now, which shows who my father was.
“On the day my son, Aditya, was born in Calcutta, my father called me from Singapore. We spoke for a long time about business. Only at the end did I tell him that his grandson had been born. He was angry, not because of the news, but because I should have shared his grandson’s birth first.
“Even in his later years, his mind remained sharp. Just days before he passed, he asked me about the events in Venezuela. A few weeks earlier, we discussed Russia-Ukraine. He stayed interested in the world and learning about the new ideas. He always wanted to understand the views of world leaders. He was curious about technology, and even asked how steel could be made without coal.
“He was very proud of family. He always called everyone on birthdays, anniversaries and special occasions. He worried more about our health than his own. He was also respected beyond our family. One unforgettable moment was when we went to Indian prime minister (Narendra) Modi together. They spoke warmly like old friends. It showed my father’s ability to connect with people through sincerity, warmth and respect.
“On his final day, he held my hand, gave me his blessings. That quiet moment will stay with me forever.”
Lakshmi concluded: “My father showed us how to live not just a long life, but a good life, a life of values, courage, curiosity and love for family. His passing has left a deep void in our lives, but his presence remains within us and the values he passed to us. We pray that his soul rests in peace, that he continues to guide and watch over us as he always did.”
Aditya said his grandfather would pay frequent visits when his parents were living in Indonesia.
Mohanlal would tell Aditya of his early days in Rajasthan: “He would always remind me that he used to get up at 5am get onto a camel and go to school.”
Later, when Aditya was a student in Philadelphia in the US – his cousin, Amit Lohia, was also studying at the Wharton School in the University of Pennsylvania – his grandfather would visit frequently and share a room with him rather than stay at a comfortable hotel. “He would visit us more often than parents would visit their kids.”
Aditya offered a humorous anecdote: “Megha and me got married, and we were on our honeymoon in St Moritz. And one fine morning, we heard a knock on our door. Thought it was room service. We opened the door. It was the hotel manager, and he proudly announced that my Dadaji had checked in last night and is waiting downstairs for breakfast with us. So we ended up sharing our honeymoon with my dear Dadaji. I think all the kids here are so happy that that has not become a family tradition.”
Aditya, who pushed for many of the acquisitions that his father made when Mittal Steel was growing, said his grandfather “had more confidence in me than I had in myself. He always pushed me and he always told me to dream the impossible.”
His eldest grandson, Amit Lohia – his mother, Seema, Mohanlal’s daughter, is married to the Indorama chairman, Sri Prakash Lohia – summed up: “Nanaji was a man of immense vision, determination and courage. I will always regard him as India’s first global entrepreneur, a man whose example showed that it was possible to build a truly Indian global business.”
Mohanlal witnessed a century of change. He lived long enough to see that India was turning out to be the jewel in the Mittal crown.
Launching the annual report for last year, Aditya said: “2025 was a pivotal year for the global steel industry and ArcelorMittal. While the ongoing geopolitical volatility brought significant challenges, important foundations were also laid for a more supportive operating environment moving forwards. Globally the outlook is also more favourable, including in India where we are growing our presence and enhancing our product offering.”
ENDS
