Quote of the Day by Lakshmi Mittal: ‘“We are not in the business of iron ore...’

“We are not in the business of iron ore. Whatever captive iron ore sources we have, we use it to make steel.,” a quote by Lakshmi Mittal, Executive chairman of ArcelorMittal.

He made this statement during a period of massive industry consolidation, most likely during or in the immediate aftermath of the 2006 Arcelor-Mittal merger.

He has frequently used this sentiment to explain how leaders must maintain a "clear head" and level head during organizational challenges. 

Who is Lakshmi Mittal

Born on June 15, 1950, in Rajasthan, to a modest Marwari family Lakshmi Mittal is an Indian billionaire industrialist widely known as the "King of Steel." He is the executive chairman of ArcelorMittal, the world's largest steel and mining company by output. As of May 2026, he has made headlines for acquiring a majority stake in the IPL franchise Rajasthan Royals.

His wealth is estimated at approximately $28.4 billion according to Forbes. Other sources like the Bloomberg Billionaires Index estimate his fortune closer to $31 billion following significant gains in 2025.

He was the first Indian citizen to enter the top 10 of the Forbes global rich list, reaching as high as the third-richest person in the world in 2005.  

He was awarded India's second-highest civilian honour, Padma Vibhushan, in 2008.

When was this quote said by Lakshmi Mittal

Lakshmi Mittal has used this philosophy across various public addresses and interviews to describe his approach to business and leadership. While the exact origin of the phrase is not tied to a single date, it gained significant prominence in the early 2010s as a hallmark of his resilience-based leadership style.  

What does this quote mean?

This quote is about the company’s sole business goal is steelmaking and value-added manufacturing, using raw materials purely as an intermediate step to create the final steel product.

Mittal highlights that failure and hardship are universal. They aren't a sign of weakness or a reason to quit; they are a standard part of any journey.

He believes that every piece of iron ore they dig out of the ground goes directly into their own blast furnaces. They turn it into high-value steel products rather than selling the raw material.