Non-resident Indian steel tycoon Lakshmi Mittal has been named Fortune magazine's "Europe Businessman of the Year" in recognition of his ability to combine managerial savvy with superb acquisitive instincts.
With his recent takeover of International Steel Group (ISG) - a US company that had been controlled by Investor Wilbur Ross - Mittal's company will become the world's largest steel producer, with pro forma shipments last year of 57 million tonnes, revenues of US$31.5 billion, and profits of $6. 8 billion.
Mittal Steel is also the world's most geographically diverse steel giant, stretching from Central Asia through Africa and Europe to Central and North America. Mittal's deal making and steel-making last year led to him being named "Europe Businessman of the year", Fortune stated in its forthcoming issue with a lead story titled "Metal Man".
"The ISG deal represents Mittal's great leap forward in his bid to become the Henry Ford of 21st century steel, not only dominating but transforming how an entire industry operates," said Fortune writer Richard Tomlinson.
The deal with Ross gives Mittal the steel-making heft in the US that he previously lacked. "Mittal is convinced that the 21st century steel industry, like the 20th century auto industry, will consolidate around three or four super-efficient heavyweights, with his own group in the vanguard," Tomlinson stated.
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