Aditya Mittal is the president and Chief Financial Officer (CFO) of ArcelorMittal. Apart from that, he is an Industrialist, Author, Entrepreneur and Business person. He is also the Chief Executive Officer (CEO) of ArcelorMittal Europe, which is authorized by his father Lakshmi Mittal.
Aditya Mittal's Biography
|Born||22 January, 1976|
|Age||44 years (2020)|
|Education||University of Pennsylvania|
|Position||President & CFO of ArcelorMittal|
Aditya Mittal- Personal Life
Aditya was born in India and brought up in Jakarta, Indonesia. He is the son of Lakshmi Mittal. Aditya is married to Megha Mittal in 1998. Megha Mittal is the chairwoman of the German fashion brand, Escada. They have two daughters who are eleven and nine. A son was born to the couple via surrogacy after 20 years of their marriage.
He and his family presently reside in London, United Kingdom. In India, the couple works closely for UNICEF by funding the first ever child nutrition survey around the country. The Government of India can use this result to inform relevant policy.
Aditya Mittal was named "European Business Leader of the Future" by CNBC Europe, in 2008. Also, he is the Chairperson of the HPCL- Mittal Energy Limited (HMEL), which is the second largest refinery of India. He serves as the Chairman of the Board of Directors of AMNS India as well.
Aditya Mittal- Education
Aditya completed his primary education from Jakarta International School, Indonesia. He did his bachelor course specialized in Economics, from Wharton School of the University of Pennsylvania of US. He completed his graduation in 1996.
Thereafter, he worked in the mergers and acquisitions department of investment bank Credit Suisse First Boston for a while. After a year, he joined the family business and later, appointed as the Head of Mergers and Acquisitions in 1999.
Aditya Mittal- Professional Life
He played a major role in combining the two companies Mittal steel and Arcelor. He holds several positions at different companies, owned by the family itself.
Apart from being the CFO and president of ArcelorMittal, he is a Non-Independent Director at Aperam S.A (Steel), Trustee at the Brookings Institution. He also serves on the board of Iconiq Capital. He is the Director of the Wharton School of University of Pennsylvania, a member of Young Global Reader at Forum Modial de L' Economie, a member of young President's Organisation (India), Board member at Bennett Coleman & Co, Board member at PPR, Member of Citigroup's International Advisory.
Apart from being a Business man, he is also a great enthusiast in social and charitable activities. He is assiduously involved with an organisation called NPCC, which works for child protection in UK. Along with his wife, Aditya donated £15m to Great Ormond Street Hospital in London during the year 2008. This private contribution to the hospital becomes the largest of all time. Moreover, the donation helped them to fund their new facility, the Mittal Children's Medical Center. Aditya also got featured on the front page of the famous Magazine GQ India.
ArcelorMittal- About and how it started?
The company has reported a net profit of $2.1 billion in 2018 but suffered a $33 million loss in the first half of the year 2019. This loss occurred due to lower steel prices.
Aditya's father was born in the village Sadalpur. The village lacked electricity until 1960. His grandfather shifted to Calcutta with family and established a small steel mill where his father Lakshmi Mittal used to work after school.
Hence the steelmaking business of the family was started by Aditya's grandfather Mohan Lal, during the 1950s. After the Indian Government stopped the production of steel in 1976, Lakshmi Mittal went to Indonesia and found a steel making company with the support of his father.
Lakshmi Mittal eventually separated his business from siblings and formed a company called Mittal steels, which later collated with Arcelor in 2006. The company bestows over 260,000 employees, in more than 60 countries.
ArcelorMittal is the world's biggest steelmaker together with Italian steelmaker Marcegaglia. Lakshmi Mittal was ranked 21st in the 2012 Forbes list of billionaires. He acquired Italy's loss-making steel group Ilva for $2.1 billion during the year 2017. He was titled the Steel Maker of the Year by New Steel Magazine in the USA in 1996. His daughter Vanisha Mittal is the Chief Strategy Officer of Aperam, one of their steel producing company.
Aditya led the merger process of Mittal Steel and Arcelor in 2006. Later, the new company was named ArcelorMittal. In 2009, he was featured in the Fortune Magazine's "40 under 40" list with a fourth rank. Thus, he played a vital role in the company's consolidation of the global steel industry. He has been serving as the President and CFO of ArcelorMittal worldwide, since 2018.
How does ArcelorMittal work?
ArcelorMittal is headquartered in Luxembourg. The company operates its business according to these segments, NAFTA, Europe, Brazil, ACIS, Mining, and others.
The NAFTA segment comprises the flat products such as cold-rolled & hot-rolled coil, slabs, coated steel and plate. The Europe segment furnishes hot rolled & cold-rolled coil, plate, coated products, tinplate, and slab. The Brazil segment provides wire rod, bar & rebars, blooms, billets, and wire drawing. The ACIS segment offers a compilation of flat, long tubular products. The mining segment anchors the steel operations. The Others segment provides the corporate the shared services, financial activities, and shipping and logistics.
Controversies related to ArcelorMittal
- In 2019, Aditya won the battle to acquire bankrupt Essar Steel after two year insolvency proceedings. The Supreme Court of India gave the consent to the takeover plan of Arcelor Mittal worth Rs.42,000.
- In 2018, an ArcelorMittal plant is located in the city of Temirtau, Kazakhstan where a black snow fell over. Local citizens grumbled that the pollution was caused by an ArcelorMittal plant.
- ArcelorMittal reported a huge quaterly loss and job cuts during the year 2008.
- In 2002, It was found that Lakshmi Mittal has given $2,50,000 to Tony Blair's party for writing a recommendation for him, which was required in the process of buying Romania's state-owned steel company.