Lakshmi Mittal: King of steel

Good Bad Billionaire: Lakshmi Mittal – King of Steel

BBC World Service | Hosts: Simon Jack & Zing Tsjeng | Nov 17, 2025

Episode Overview

This episode examines the rise and impact of Lakshmi Mittal, dubbed the “King of Steel.” Simon Jack and Zing Tsjeng trace Mittal’s journey from modest beginnings in rural India to leading the world’s largest steel company, restructuring a declining industry, building enormous personal wealth, and courting significant controversy. As with each episode, the hosts ultimately debate whether Mittal is “good, bad, or just another billionaire.”

Key Discussion Points & Insights

1. Early Life and Family Foundations (03:34–08:26)

Background:
- Born in 1950 in Rajasthan, India, in a small desert town – “a modest house shared by 20 family members” (03:34).
- Family belonged to the Marwari community, known for business acumen; grandfather was a commodities broker, father in oil trading and steel.
- Childhood hardships: lack of water, basic amenities; riding a camel to school (03:34–04:08).
Educational Drive:
- Ambitious from the start—inscribing “Dr. Niwas Mittal, BCom, MBA, PhD” on his school ruler (04:46).
- Overcame rejection and language barriers to gain admission to St. Xavier’s College, graduating top of his class with a Bachelor of Commerce at 19 (05:48–06:27).
- Turned down an accountancy teaching job in favor of joining the family business (06:27–06:52).

2. Entrepreneurial Spirit & Breaking Away (08:02–14:17)

Pivotal Indonesia Moment (01:18, 08:02):
- Sent to Indonesia at 25 to sell family land; instead, recognized a market opportunity and convinced his father to stay and build a mini mill.
- “He cancelled his Japan holiday… called his dad… going to build this steel mill… at 25.” (09:33)
- Innovation: Chose electric arc furnace “mini mill” technology—cheaper, faster, energy efficient (08:48–10:26).
Early Hardships:
- Lived “on $250 a month” in Indonesia, far from his current billionaire lifestyle (12:16).
- Family joined him abroad, with his wife and son deeply integrated in the business (12:48).

3. Scaling Globally & Consolidating Power (14:17–24:48)

From Millions to Billions:
- Indonesian mill profitable by 1978; spent 1980s running and growing it.
- By late 1980s, realized scaling meant buying struggling state-owned mills globally as Western steel declined (14:49–15:13).
- “We never had to pay much for them, but the sellers were happy…” (17:17).
Legendary Cost-Cutting:
- Trinidad & Tobago DRI plant: replaced 60 German managers with 60 Indian managers, slashing costs from $20M to $2M, doubled output, and bought it outright (16:35).
Family Rift:
- Family split the business in 1995—Lakshmi took international, father and brothers retained Indian arm. No contact for two years (19:28).
- “The day you go for a high profile is the day you begin to fail.” – Mittal’s father (18:32).

4. Lavish Wealth and Record Spending (20:58–32:01)

Residences:
- Moved corporate HQ to London, benefiting from non-dom status (21:04–22:02).
- Upgraded from a “millionaire’s row” house to one on “billionaire’s row,” buying Bernie Ecclestone’s palace for £70M (30:16).
Extravagant Weddings:
- Daughter’s 2004 wedding reportedly cost $55 million—“the most expensive wedding in the world at the time” (31:15).
- Hosted at Versailles, Kylie Minogue performed.
- “Any father would want to give his daughter a very special day…” – Lakshmi Mittal (31:15)
Personal Style:
- Recognized for extreme discipline and focus.
- “I turned the car around and came home. I have never picked up a club since.” – Mittal on quitting golf to avoid distraction (23:00).

5. Controversies and Challenges (28:55–44:16)

Cash for Favours Scandal (28:55–30:16):
- Donated £125,000 to the UK Labour Party; shortly after, Tony Blair wrote to the Romanian government supporting Mittal’s bid for a state steel plant—seen as a flagrant conflict of interest.
- Criticism intensified when it was revealed less than 1% of Mittal’s business was UK-based, despite Blair defending him as a “British company.”
Industrial Safety & Labour Practices:
- 90 miner deaths in Kazakhstan mines since 2004; fatal fire in 2023 killed over 40 workers, resulting in government seizure and an $800M loss (35:50–37:08).
- Repeated accusations of shortcutting labour and safety standards at facilities worldwide.
Environmental Impact:
- Steel cited as one of the most polluting industries—“single biggest carbon emitting entity” in the UK (41:16).
Philanthropy:
- Notable donations:
  - £15M to Great Ormond Street Hospital, $25M to Harvard, millions to Indian Olympic athletes (43:04).
  - Sometimes donations retracted in response to personal slights (e.g., withdrawing LSE donation after daughter’s rejection) (43:04–43:26).

6. Industry Legacy and Changing Fortunes (32:10–44:16)

ArcelorMittal Merger (32:10–36:27):
- 2006: Launched hostile takeover of Arcelor, facing fierce resistance from European political and business elites (“monkey money” slur from Arcelor CEO, 33:13).
- Eventually succeeded after raising the bid to over $20B; created largest steel company, “manufacturing over 100 million tons annually—three times its nearest rival” (35:30).
Decline and Chinese Competition:
- Company output and share price peaked post-merger, but later fell due to Chinese overproduction; from world’s largest producer to second place (37:08).
- Reports suggest Mittal may leave the UK for Dubai due to non-dom tax reforms (39:00).

7. Hosts’ Final Ratings (39:17–45:38)

Wealth:
- “Born into a family business, but not with a steel spoon”—massive personal fortune, extravagant spending.
- Simon: 7/10, Zing: 8/10.
Controversy:
- Safety violations, pollution, political scandals.
- Simon: 4/10, Zing: 5/10.
Philanthropy:
- Respectable but not Gates-level; “a nice sprinkling.”
- Simon: 4/10, Zing: 5/10.
Power & Legacy:
- Reshaped a global industry, pioneered shift to “mini-mill” technology, but industry’s broader trends may have eclipsed personal role.
- Both: 7/10.

Notable Quotes & Memorable Moments

On recognizing opportunity:
- “He cancels his Japan holiday… calls his dad to tell him he was going to stay in Indonesia and… build this steel mill. At this point… literally just 25 years old.” (09:33–09:48, Sing Sing)
Candid about discipline:
- “It worried me that I was becoming addicted [to golf]… I have never picked up a club since.” (23:00, Lakshmi Mittal via Tim Bouquet)
On Indian origins and corporate presence:
- “Your company is losing $10 million a month. Give me the management and I will pay you $10 million every month.” (16:00, Mittal to Trinidadian officials)
Family conflict:
- “The day you go for a high profile is the day you begin to fail.” (18:32, Mittal’s father)
On the scale of acquisitions:
- “We never had to pay much for them, but the sellers were always happy to sell.” (17:17, Mittal)
Steel mergers and prejudice:
- “Mittal Steel was a company full of Indians offering ‘monkey money’” – the Arcelor CEO’s racially charged resistance (33:13, Guy Dollé)
- Mittal: “It was very sad. We are not used to these kinds of comments in today’s age.” (33:13)
On industry challenges:
- “It is no consolation to say that mining and steel making is a dirty, dangerous business. But clearly you can do a lot to mitigate those risks. Some will say they did not do enough.” (37:08, Simon Jack)

Timestamps for Key Segments

01:18 – Dramatic moment: Mittal’s fateful tuk-tuk ride in Indonesia.
03:34 – Early life and family background.
05:48 – College struggles and achievements.
08:02 – Indonesia trip, decision to build a mini mill.
14:17 – Reaching millionaire status, international expansion.
16:35 – Turnaround of Trinidad & Tobago plant.
19:28 – Family business split.
21:04 – Relocation to London and non-dom discussion.
28:55 – Cash-for-favors scandal and Labour Party donations.
35:12 – Hostile takeover of Arcelor.
35:50–37:08 – Kazakhstan mine worker fatalities and government fallout.
39:17–45:38 – Final ratings on wealth, controversy, philanthropy, legacy.

Summary & Takeaway

Lakshmi Mittal’s story is a case study in global capitalism:

He leveraged family foundations and a pioneering spirit to transform a declining Western industry into an integrated, global behemoth.
Known equally for extraordinary discipline, brutal cost-cutting, controversial labor and safety records, and spectacular personal spending.
Pivotal in both technological and organizational shifts in steel production but challenged by industry-wide environmental and ethical concerns.
His immense fortune, flashy lifestyle, and periodic scandals provoke debate, fitting the show’s central question: Is he “good, bad, or just another billionaire?”

Final Reflection:
Simon and Zing underscore the complexities of judging titanic fortunes and legacies shaped by global systems, family dynamics, and personal ambition. Mittal’s ambition and ingenuity are indisputable, but his legacy is intertwined with the social, environmental, and ethical costs of global industry.

Next Episode:
Tyler Perry—actor turned entertainment mogul—is next in the billionaire spotlight.

To share your verdict or feedback, email goodbadbillionaire@bbc.com or text/WhatsApp +1 (917) 686-1176.

Good Bad Billionaire: Lakshmi Mittal – King of Steel

BBC World Service | Hosts: Simon Jack & Zing Tsjeng | Nov 17, 2025

Episode Overview

Key Discussion Points & Insights

1. Early Life and Family Foundations (03:34–08:26)

Background:
- Born in 1950 in Rajasthan, India, in a small desert town – “a modest house shared by 20 family members” (03:34).
- Family belonged to the Marwari community, known for business acumen; grandfather was a commodities broker, father in oil trading and steel.
- Childhood hardships: lack of water, basic amenities; riding a camel to school (03:34–04:08).
Educational Drive:
- Ambitious from the start—inscribing “Dr. Niwas Mittal, BCom, MBA, PhD” on his school ruler (04:46).
- Overcame rejection and language barriers to gain admission to St. Xavier’s College, graduating top of his class with a Bachelor of Commerce at 19 (05:48–06:27).
- Turned down an accountancy teaching job in favor of joining the family business (06:27–06:52).

2. Entrepreneurial Spirit & Breaking Away (08:02–14:17)

Pivotal Indonesia Moment (01:18, 08:02):
- Sent to Indonesia at 25 to sell family land; instead, recognized a market opportunity and convinced his father to stay and build a mini mill.
- “He cancelled his Japan holiday… called his dad… going to build this steel mill… at 25.” (09:33)
- Innovation: Chose electric arc furnace “mini mill” technology—cheaper, faster, energy efficient (08:48–10:26).
Early Hardships:
- Lived “on $250 a month” in Indonesia, far from his current billionaire lifestyle (12:16).
- Family joined him abroad, with his wife and son deeply integrated in the business (12:48).

3. Scaling Globally & Consolidating Power (14:17–24:48)

From Millions to Billions:
- Indonesian mill profitable by 1978; spent 1980s running and growing it.
- By late 1980s, realized scaling meant buying struggling state-owned mills globally as Western steel declined (14:49–15:13).
- “We never had to pay much for them, but the sellers were happy…” (17:17).
Legendary Cost-Cutting:
- Trinidad & Tobago DRI plant: replaced 60 German managers with 60 Indian managers, slashing costs from $20M to $2M, doubled output, and bought it outright (16:35).
Family Rift:
- Family split the business in 1995—Lakshmi took international, father and brothers retained Indian arm. No contact for two years (19:28).
- “The day you go for a high profile is the day you begin to fail.” – Mittal’s father (18:32).

4. Lavish Wealth and Record Spending (20:58–32:01)

Residences:
- Moved corporate HQ to London, benefiting from non-dom status (21:04–22:02).
- Upgraded from a “millionaire’s row” house to one on “billionaire’s row,” buying Bernie Ecclestone’s palace for £70M (30:16).
Extravagant Weddings:
- Daughter’s 2004 wedding reportedly cost $55 million—“the most expensive wedding in the world at the time” (31:15).
- Hosted at Versailles, Kylie Minogue performed.
- “Any father would want to give his daughter a very special day…” – Lakshmi Mittal (31:15)
Personal Style:
- Recognized for extreme discipline and focus.
- “I turned the car around and came home. I have never picked up a club since.” – Mittal on quitting golf to avoid distraction (23:00).

5. Controversies and Challenges (28:55–44:16)

Cash for Favours Scandal (28:55–30:16):
- Donated £125,000 to the UK Labour Party; shortly after, Tony Blair wrote to the Romanian government supporting Mittal’s bid for a state steel plant—seen as a flagrant conflict of interest.
- Criticism intensified when it was revealed less than 1% of Mittal’s business was UK-based, despite Blair defending him as a “British company.”
Industrial Safety & Labour Practices:
- 90 miner deaths in Kazakhstan mines since 2004; fatal fire in 2023 killed over 40 workers, resulting in government seizure and an $800M loss (35:50–37:08).
- Repeated accusations of shortcutting labour and safety standards at facilities worldwide.
Environmental Impact:
- Steel cited as one of the most polluting industries—“single biggest carbon emitting entity” in the UK (41:16).
Philanthropy:
- Notable donations:
  - £15M to Great Ormond Street Hospital, $25M to Harvard, millions to Indian Olympic athletes (43:04).
  - Sometimes donations retracted in response to personal slights (e.g., withdrawing LSE donation after daughter’s rejection) (43:04–43:26).

6. Industry Legacy and Changing Fortunes (32:10–44:16)

ArcelorMittal Merger (32:10–36:27):
- 2006: Launched hostile takeover of Arcelor, facing fierce resistance from European political and business elites (“monkey money” slur from Arcelor CEO, 33:13).
- Eventually succeeded after raising the bid to over $20B; created largest steel company, “manufacturing over 100 million tons annually—three times its nearest rival” (35:30).
Decline and Chinese Competition:
- Company output and share price peaked post-merger, but later fell due to Chinese overproduction; from world’s largest producer to second place (37:08).
- Reports suggest Mittal may leave the UK for Dubai due to non-dom tax reforms (39:00).

7. Hosts’ Final Ratings (39:17–45:38)

Wealth:
- “Born into a family business, but not with a steel spoon”—massive personal fortune, extravagant spending.
- Simon: 7/10, Zing: 8/10.
Controversy:
- Safety violations, pollution, political scandals.
- Simon: 4/10, Zing: 5/10.
Philanthropy:
- Respectable but not Gates-level; “a nice sprinkling.”
- Simon: 4/10, Zing: 5/10.
Power & Legacy:
- Reshaped a global industry, pioneered shift to “mini-mill” technology, but industry’s broader trends may have eclipsed personal role.
- Both: 7/10.

Notable Quotes & Memorable Moments

On recognizing opportunity:
- “He cancels his Japan holiday… calls his dad to tell him he was going to stay in Indonesia and… build this steel mill. At this point… literally just 25 years old.” (09:33–09:48, Sing Sing)
Candid about discipline:
- “It worried me that I was becoming addicted [to golf]… I have never picked up a club since.” (23:00, Lakshmi Mittal via Tim Bouquet)
On Indian origins and corporate presence:
- “Your company is losing $10 million a month. Give me the management and I will pay you $10 million every month.” (16:00, Mittal to Trinidadian officials)
Family conflict:
- “The day you go for a high profile is the day you begin to fail.” (18:32, Mittal’s father)
On the scale of acquisitions:
- “We never had to pay much for them, but the sellers were always happy to sell.” (17:17, Mittal)
Steel mergers and prejudice:
- “Mittal Steel was a company full of Indians offering ‘monkey money’” – the Arcelor CEO’s racially charged resistance (33:13, Guy Dollé)
- Mittal: “It was very sad. We are not used to these kinds of comments in today’s age.” (33:13)
On industry challenges:
- “It is no consolation to say that mining and steel making is a dirty, dangerous business. But clearly you can do a lot to mitigate those risks. Some will say they did not do enough.” (37:08, Simon Jack)

Timestamps for Key Segments

01:18 – Dramatic moment: Mittal’s fateful tuk-tuk ride in Indonesia.
03:34 – Early life and family background.
05:48 – College struggles and achievements.
08:02 – Indonesia trip, decision to build a mini mill.
14:17 – Reaching millionaire status, international expansion.
16:35 – Turnaround of Trinidad & Tobago plant.
19:28 – Family business split.
21:04 – Relocation to London and non-dom discussion.
28:55 – Cash-for-favors scandal and Labour Party donations.
35:12 – Hostile takeover of Arcelor.
35:50–37:08 – Kazakhstan mine worker fatalities and government fallout.
39:17–45:38 – Final ratings on wealth, controversy, philanthropy, legacy.

Summary & Takeaway

Lakshmi Mittal’s story is a case study in global capitalism:

He leveraged family foundations and a pioneering spirit to transform a declining Western industry into an integrated, global behemoth.
Known equally for extraordinary discipline, brutal cost-cutting, controversial labor and safety records, and spectacular personal spending.
Pivotal in both technological and organizational shifts in steel production but challenged by industry-wide environmental and ethical concerns.
His immense fortune, flashy lifestyle, and periodic scandals provoke debate, fitting the show’s central question: Is he “good, bad, or just another billionaire?”

Next Episode:
Tyler Perry—actor turned entertainment mogul—is next in the billionaire spotlight.

To share your verdict or feedback, email goodbadbillionaire@bbc.com or text/WhatsApp +1 (917) 686-1176.

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Summary

Good Bad Billionaire: Lakshmi Mittal – King of Steel

Episode Overview

Key Discussion Points & Insights

1. Early Life and Family Foundations (03:34–08:26)

2. Entrepreneurial Spirit & Breaking Away (08:02–14:17)

3. Scaling Globally & Consolidating Power (14:17–24:48)

4. Lavish Wealth and Record Spending (20:58–32:01)

5. Controversies and Challenges (28:55–44:16)

6. Industry Legacy and Changing Fortunes (32:10–44:16)

7. Hosts’ Final Ratings (39:17–45:38)

Notable Quotes & Memorable Moments

Timestamps for Key Segments

Summary & Takeaway

Summary

Good Bad Billionaire: Lakshmi Mittal – King of Steel

Episode Overview

Key Discussion Points & Insights

1. Early Life and Family Foundations (03:34–08:26)

2. Entrepreneurial Spirit & Breaking Away (08:02–14:17)

3. Scaling Globally & Consolidating Power (14:17–24:48)

4. Lavish Wealth and Record Spending (20:58–32:01)

5. Controversies and Challenges (28:55–44:16)

6. Industry Legacy and Changing Fortunes (32:10–44:16)

7. Hosts’ Final Ratings (39:17–45:38)

Notable Quotes & Memorable Moments

Timestamps for Key Segments

Summary & Takeaway