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lakshmi mittal

March 9, 2018

Nordstrom rejects offer from founding family, BMW reports record year despite R&D spend-up, and son moves up at ArcelorMittal

Nordstrom rejects offer from founding family

Nordstrom has rejected an $8.4 billion offer from its namesake family, the latest chapter in the family’s ongoing attempt to wrest back control of the retail giant.

A special committee appointed to consider the $50 per share offer from six Nordstrom family members said in a statement they deemed it “inadequate”.

February 8, 2018

ArcelorMittal, LVMH, Akka Technologies, and Nintendo have all reported rising revenues highlighting the strong financial performance of some of the world's billion dollar family businesses in 2017.

ArcelorMittal, LVMH, Akka Technologies, and Nintendo have all reported rising revenues highlighting the strong financial performance of some of the world's billion dollar family businesses in 2017.

World’s largest steelmaker posts 21% revenue spike

Family-owned steel and mining company ArcelorMittal has seen revenues soar 21% to $68.7 billion in the 12 months to 31 December amid a positive outlook for the global steel market.

November 11, 2016

ArcelorMittal posts profit amid cost increase; Henkel beats Q3 expectations; and Berkshire Hathaway shares surge on Trump election

ArcelorMittal posts profit amid cost increase

Family-owned steel giant ArcelorMittal has posted a net profit in the third quarter after cost reductions helped offset a drop in revenue.

However, the Luxembourg-based steelmaker warned higher coking-coal prices and falling US steel prices would hamper profitability in the current quarter.

ArcelorMittal also posted a 40% rise in earnings before interest, taxes, depreciation and amortisation to $1.9 billion, despite a 6.8% drop in revenue to $14.5 billion for the quarter.

January 11, 2013

ArcelorMittal, controlled by the Mittal family, has raised $4 billion (€3 billion) through a recent stock offering to tackle its debt issues, prompting some to say the family is diluting its ownership of the world’s biggest steel-maker.

ArcelorMittal, controlled by the Mittal family, has raised $4 billion (€3 billion) through a recent stock offering to tackle its debt issues, prompting some to say the family is diluting its ownership of the world’s biggest steel-maker.

November 19, 2012

Billionaire Lakshmi Mittal appears to be betting on a strong recovery of the UK’s construction industry, by investing more than £200 million (€248 million) of his family’s money into the sector.

Billionaire Lakshmi Mittal appears to be betting on a strong recovery of the UK’s construction industry, by investing more than £200 million (€248 million) of his family’s money into the sector.

Mittal Investments, the private investment vehicle of the family, is buying £285 million worth of assets in the UK from Lafarge and Anglo American, said a statement.

April 30, 2012

Family businesses are crucial to wealth creation in the UK as demonstrated by the latest Sunday Times Rich List, where more than half of the top 100 richest people had family companies to thank for their fortunes.

Family businesses are crucial to wealth creation in the UK as demonstrated by the latest Sunday TimesRich List, where more than half of the top 100 richest people had family companies to thank for their fortunes.

Led by steel tycoon Lakshmi Mittal and his family, worth £12.7 billion (€15.6 billion), the top 100 boasts 53 people and families that owe their wealth to family-run groups, accounting for a total of £140 billion.

March 5, 2012

Carlos Slim, who controls Mexican conglomerate Grupo Carso, is the richest person in the world, with a fortune of about $68.5 billion (€51.9 billion). 

Carlos Slim, who controls Mexican conglomerate Grupo Carso, is the richest person in the world, with a fortune of about $68.5 billion (€51.9 billion).

September 7, 2011

Many of South Africa’s wealthy entrepreneurs are likely to pass their businesses on to family members or retain some family control of the enterprises, according to a leading academic. 

Many of South Africa’s wealthy entrepreneurs are likely to pass their businesses on to family members or retain some family control of the enterprises, according to a leading academic.

Dr Margaret Cullen, co-director of the Nelson Mandela Metropolitan University’s Family Business Unit, said there is a strong history of family businesses in the country and this is likely to continue.

May 25, 2011

Aditya Mittal, son of steel tycoon Lakshmi Mittal, has significantly increased his responsibilities at ArcelorMittal in a move some see as preparation for his eventual succession to leading the company.

Aditya Mittal, son of steel tycoon Lakshmi Mittal, has significantly increased his responsibilities at ArcelorMittal in a move some see as preparation for his eventual succession to leading the company.

In a statement on 24 May, the Luxembourg-based steel group said that Aditya, who currently leads operations in the Americas, will take over running the European unit—the company’s biggest but with the lowest earnings.

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