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Wednesday, October 18, 2006

Top 10 Richest people in the world 5

#5 Lakshmi Mittal



Age: 55
Fortune: inherited and growing
Source: Steel

Net Worth: 23.5

Country Of Citizenship: India
Residence: London, United Kingdom, Europe & Russia
Industry: Manufacturing
Marital Status: married, 2 children
St Xavier's College Calcutta, Bachelor of Arts / Science

The steel titan now oversees the world's largest steel company, Mittal Steel. In December 2004 he merged his Ispat International with Ohio-based International Steel Group in a $4 billion (in cash and stock) deal. Owns 87.4% of the $28.1 billion (2005 sales) company. An early year double-digit drop in US and European steel prices and fourth-quarter increased spending on coal and iron ore and lower prices helped lead to a 28% drop in 2005 profits to $3.4 billion. On Jan 27, Mittal made a $23.7 billion hostile bid for largest rival, Luxembourg-based Arcelor, in an effort to spark more world steel consolidation and enable Mittal Steel to sell higher grade steel to company's like Ford Motor. Arcelor employing numerous techniques to either fend it off or get a higher price: bought a large stake in a Chinese steel company; enlisted the French government to take up its cause; Luxembourg (the biggest shareholder) introduced a new takeover law; and Arcelor doubled its dividend.

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