"His plan may not be as far-fetched as it seems," says Business Week whichis running an in-depth feature on Mittal in its upcoming August 21-28 issue. Mittal, who was listed among Forbes' list of global billionaires, said heplans to expand in emerging markets. He has left JP Morgan's US Steel way behind, ranking 11th in global production.

Building a company by acquiring dysfunctional government-owned steel facilities around the world, the 50-year old billionaire is chairman and CEO of Ispat International of which he owns 80 per cent. With mills in eightcountries including one in the US, Mittal's enterprise employs more than74,000 people around the globe, Business Week points out.

Astute at downsizing and rejuvenating plants, Mittal says he has plans to domuch more and make Ispat much bigger than it is. Unlike other steelmakerswho are loathe to invest in updating their legacy systems, Mittal stillbelieves everyone should be following his example, though Wall Street hasbeen less than enthusiastic.

"If our customers are becoming global, there's a need for steel companies todo likewise. Otherwise, we will not be able to serve our customers well, "Mittal told the magazine. Asked if he was done with growing, Mittal said, "No...I don't think we can ever say 'enough.'"

Mittal's group produces 20 million tonnes of steel a year, which makes upbarely 2.5 per cent of total production. South Korea's Pohang Iron & Steel,the highest producer, barely meets 3.5 per cent of the demand, he points out.

- nriol.com report