Mittal's boldest play came in 2006, when he tried to buy Arcelor, a company that was financially sound. Luxembourg-based Arcelor was No. 2 in the industry, and its C.E.O., Guy Dollé, rejected Mittal's initial offer of $24 billion. But in the face of shareholder uproar, the Frenchman eventually sold his company to Mittal for $33.5 billion. Often referred to as a "nice tyrant," Mittal is known as a cutthroat yet humble businessman. Employees call him a perfectionist who always needs to be in the driver's seat. Though based in London, he oversees plants in 16 countries by studying data and participating in conference calls several times a month. His weekends are often spent visiting mills and meeting with managers.
He also relies heavily on his family. His son, Aditya, serves as president and C.F.O. of Mittal Steel, while his daughter, Vanisha, sits on the board. Mittal, Aditya, and C.O.O. Malay Mukherjee are known throughout the company as the "father, son, and holy ghost." Mittal is quiet about his personal life but has spent his fortune in some splashy ways. A $55 million wedding for Vanisha, complete with an engagement party at Versailles, didn't make a dent in his wallet, nor did the purchase of a $128 million London mansion. How fitting that "Lakshmi" is the name of the Hindu goddess of wealth.
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