From bankrupt steel mills to Rajasthan Royals: The bold bets behind Lakshmi Mittal’s global empire
Before the Arcelor deal, Mittal had already reshaped the American steel landscape through the acquisition of International Steel Group in 2004-05 for $4.5 billion. The acquisition made Mittal Steel the world’s largest steel producer even before the Arcelor merger.
- May 3, 2026,
- Updated May 3, 2026 6:27 PM IST
For decades, Lakshmi Mittal built his business empire by buying assets that many rivals considered too risky, too old or too damaged to revive. From bankrupt steel plants in Eastern Europe to distressed American mills and now high-profile sports investments, Mittal’s rise has been defined by bold acquisitions and aggressive turnarounds.
The latest chapter in that journey came with the Mittal family teaming up with Adar Poonawalla to acquire a controlling stake in the IPL franchise Rajasthan Royals in a deal reportedly valued at around ₹15,660 crore ($1.65 billion). The move signals a broader diversification strategy for one of the world’s most influential industrial families.
The ‘buy broken, rebuild stronger’ strategy
Mittal’s global success was built on a simple but unconventional formula: purchase struggling, state-owned or bankrupt steel assets at low valuations and revive them through cost-cutting, modern management and operational efficiency.
Must read | Steel tycoon to IPL power player: Who is Lakshmi Mittal, billionaire behind the Rajasthan Royals deal?
Unlike competitors that focused on greenfield expansion, Mittal targeted underperforming plants across emerging and developed markets. The approach helped him rapidly scale operations across continents while consolidating the fragmented global steel industry.
The strategy transformed his company into a dominant force long before consolidation became common in the sector.
Arcelor takeover that changed global steel
The defining moment of Mittal’s career came in 2006 with the takeover of ArcelorMittal. Mittal launched a €26.9 billion ($34.4 billion) bid for European steel giant Arcelor in one of the industry’s biggest-ever mergers.
The deal faced fierce political resistance across Europe, with critics questioning whether the company could successfully absorb a major European industrial champion. But Mittal prevailed, creating the world’s largest steelmaker almost overnight.
The merger gave ArcelorMittal control of roughly 10% of global steel production at the time and cemented Mittal’s status as the undisputed “King of Steel”.
Reviving America’s steel backbone
Before the Arcelor deal, Mittal had already reshaped the American steel landscape through the acquisition of International Steel Group in 2004-05 for $4.5 billion.
The transaction included the remnants of iconic American firms such as Bethlehem Steel and LTV Steel — companies once seen as symbols of US industrial strength but later crippled by debt and competition.
The acquisition made Mittal Steel the world’s largest steel producer even before the Arcelor merger.
Big bets in Eastern Europe
Mittal also expanded aggressively in post-Soviet and Eastern European markets during the early 2000s.
In 2005, he secured Ukraine’s largest steel mill, Kryvorizhstal, through a high-profile auction worth nearly $4.8 billion. The sale was considered one of Ukraine’s most significant privatization deals.
Don't miss | From sleeping on bare floors to billionaire: Discover 10 fascinating facts about Lakshmi Mittal
A year earlier, Mittal acquired PHS Steel Group, Poland’s largest steel group, adding key facilities including Huta Katowice and Huta Sendzimira to his expanding network.
Another turning point came in 2001 with the acquisition of Romania’s Sidex Galati plant, later renamed Ispat Sidex. The deal followed lengthy negotiations with the Romanian government and demonstrated Mittal’s willingness to enter politically sensitive markets.
Return to India through Essar Steel
Although Mittal built much of his empire overseas, one of his most significant recent deals came in India.
In 2019, ArcelorMittal partnered with Nippon Steel to acquire Essar Steel through India’s bankruptcy resolution process for around ₹42,000 crore ($5.7 billion). The company was later renamed ArcelorMittal Nippon Steel India.
The acquisition marked Mittal’s major return to the Indian steel sector and strengthened the group’s manufacturing footprint in one of the world’s fastest-growing steel markets.
Beyond steel: Sports and premium manufacturing
In recent years, Mittal has expanded beyond traditional steelmaking.
In 2025, ArcelorMittal acquired a 28.4% stake in French pipe manufacturer Vallourec for more than $1 billion, strengthening its presence in premium energy-sector products.
The family has also steadily increased its exposure to sports investments. Apart from the Rajasthan Royals deal, the Mittals entered football ownership in 2007 by purchasing a stake in Queens Park Rangers FC.
For decades, Lakshmi Mittal built his business empire by buying assets that many rivals considered too risky, too old or too damaged to revive. From bankrupt steel plants in Eastern Europe to distressed American mills and now high-profile sports investments, Mittal’s rise has been defined by bold acquisitions and aggressive turnarounds.
The latest chapter in that journey came with the Mittal family teaming up with Adar Poonawalla to acquire a controlling stake in the IPL franchise Rajasthan Royals in a deal reportedly valued at around ₹15,660 crore ($1.65 billion). The move signals a broader diversification strategy for one of the world’s most influential industrial families.
The ‘buy broken, rebuild stronger’ strategy
Mittal’s global success was built on a simple but unconventional formula: purchase struggling, state-owned or bankrupt steel assets at low valuations and revive them through cost-cutting, modern management and operational efficiency.
Must read | Steel tycoon to IPL power player: Who is Lakshmi Mittal, billionaire behind the Rajasthan Royals deal?
Unlike competitors that focused on greenfield expansion, Mittal targeted underperforming plants across emerging and developed markets. The approach helped him rapidly scale operations across continents while consolidating the fragmented global steel industry.
The strategy transformed his company into a dominant force long before consolidation became common in the sector.
Arcelor takeover that changed global steel
The defining moment of Mittal’s career came in 2006 with the takeover of ArcelorMittal. Mittal launched a €26.9 billion ($34.4 billion) bid for European steel giant Arcelor in one of the industry’s biggest-ever mergers.
The deal faced fierce political resistance across Europe, with critics questioning whether the company could successfully absorb a major European industrial champion. But Mittal prevailed, creating the world’s largest steelmaker almost overnight.
The merger gave ArcelorMittal control of roughly 10% of global steel production at the time and cemented Mittal’s status as the undisputed “King of Steel”.
Reviving America’s steel backbone
Before the Arcelor deal, Mittal had already reshaped the American steel landscape through the acquisition of International Steel Group in 2004-05 for $4.5 billion.
The transaction included the remnants of iconic American firms such as Bethlehem Steel and LTV Steel — companies once seen as symbols of US industrial strength but later crippled by debt and competition.
The acquisition made Mittal Steel the world’s largest steel producer even before the Arcelor merger.
Big bets in Eastern Europe
Mittal also expanded aggressively in post-Soviet and Eastern European markets during the early 2000s.
In 2005, he secured Ukraine’s largest steel mill, Kryvorizhstal, through a high-profile auction worth nearly $4.8 billion. The sale was considered one of Ukraine’s most significant privatization deals.
Don't miss | From sleeping on bare floors to billionaire: Discover 10 fascinating facts about Lakshmi Mittal
A year earlier, Mittal acquired PHS Steel Group, Poland’s largest steel group, adding key facilities including Huta Katowice and Huta Sendzimira to his expanding network.
Another turning point came in 2001 with the acquisition of Romania’s Sidex Galati plant, later renamed Ispat Sidex. The deal followed lengthy negotiations with the Romanian government and demonstrated Mittal’s willingness to enter politically sensitive markets.
Return to India through Essar Steel
Although Mittal built much of his empire overseas, one of his most significant recent deals came in India.
In 2019, ArcelorMittal partnered with Nippon Steel to acquire Essar Steel through India’s bankruptcy resolution process for around ₹42,000 crore ($5.7 billion). The company was later renamed ArcelorMittal Nippon Steel India.
The acquisition marked Mittal’s major return to the Indian steel sector and strengthened the group’s manufacturing footprint in one of the world’s fastest-growing steel markets.
Beyond steel: Sports and premium manufacturing
In recent years, Mittal has expanded beyond traditional steelmaking.
In 2025, ArcelorMittal acquired a 28.4% stake in French pipe manufacturer Vallourec for more than $1 billion, strengthening its presence in premium energy-sector products.
The family has also steadily increased its exposure to sports investments. Apart from the Rajasthan Royals deal, the Mittals entered football ownership in 2007 by purchasing a stake in Queens Park Rangers FC.