Headline Oct11,2012/ Lakshmi Mithal

''LAKSHMI MITTAL: 

'The Greatest Steel Magnate The World Has Ever Known!'

As far as I know, Lakshmi Mittal is India's greatest Icon! He is the first Indian ever to make his fortune exclusively overseas.

Andin a fair and square manner! Like the Rockfellers and Bill Gates, Mittal name is a household love in India and this name is now moving to even greater social circles all over the world.

For a snap shot, Mittal employs over 320,000 people in 60 countries and he lives in the world's most expensive residence. His business interests include Steel, iron ore, coal mines, railroads, shipping, television, and now oil. So, let me move forward in a lateral manner so that you really enjoy this Post.

In 1995, at a Steel Conference speech in Hamburg, he said his goal was to produce 20 million tonnes. This at a time when the world's then biggest manufacturer, Nippon Steel, was making 27 million tonnes.Everybody laughed.The upstart was laughed at.The industry felt no need to go global. Executive imaginations could not make the leap. They never thought that steel could be transported, like oil, to customers around the globe. They did not see the advantages of scale.

Mittal's chief operating officer who has been involved in all his acquisitions since the early Nineties -asked,''Shouldn't we pause for a year and take stock?'

Mittal's answer was the same as it always had been: ''We must grow, we must move on.''

''He has the risk appetite of someone from an emerging country,'' said Jeremy Fletcher, Managing Director of an Investment Banking Division of Credit Suisse.

It is trademark Mittal to launch a Takeover with no detailed idea of how to execute it. He has the vision, sees the prize, but brings in others to do the execution.

In the battle for Arcelor, the deal cost Mittal Euro 25.4 billion and a bitter fight that involved Six billionaires, Seven governments, their Prime Ministers and Presidents, and hundreds of Lawyers and Investment Bankers.The 13 Banks, which advised both sides on the deal, between them $200 million in fees. Mittal's total adviser bill for the banking, legal, lobbying, and communications work required to acquire Arcelor amounted to $188 million. That calculated to One Million dollar a day according to the first annual report of the new company.

In fact, the whole deal was a between a protectionist ''Old Europe''  -represented by Arcelor, which had been forged out of former state owned companies in France, Luxembourg and Spain with their Heritage of binding union agreements and government stakeholders  - and Mittal's sleeker ''Anglo-Saxon'' free market acquisition machine where shareholders rule the roost. Riven with accusations of anti-Indian Racism, allegedly double dealing German Steel Makers -who backed both sides.

Mittal kept his nerves right through the battle as it got fought out in Boardrooms and parliamentary sessions in Brussels, Paris, and Luxembourg.

This enlightening Post continues.So stay through and read the great achievements of a great and remarkable human! And with many thanks to !WOW!  

Good Night & God Bless

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