Lakshmi Mittal serves as chairman of $76.6 billion (revenue) ArcelorMittal, the world's largest steel and mining company by output. Hailing from a steel clan, he separated from his siblings to start Mittal Steel then went on to merge the company with France's Arcelor in 2006. Buoyed by higher steel prices, Arcelor Mittal reported net income of $15 billion in 2021 after a net loss of $733 million in 2020. In 2019, Arcelor and Nippon Steel completed their $5.9 billion acquisition of Essar Steel, once controlled by billionaires Shashi and Ravi Ruia. In January 2021, Mittal ceded the CEO's position to his son, Aditya Mittal, but remains executive chairman of ArcelorMittal.
