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MUMBAI:
Lakshmi Mittal was cast into the international limelight when he
began negotiations to merge his own company with Europe’s Arcelor
into a US$34 billion entity. The world's fifth richest man speaks
to Talk Asia's host, Satinder Bindra, about the Mittal-Arcelor
tie-up, family involvement in his company and his own business future.
Mittal
talks frankly to Bindra about the merger process with Arcelor. It
was a drawn out affair with Mittal describing it as being something
akin to a boxing match, "…it had several rounds, and this
process required that you win every round. And there were many rounds
where it was kind of a draw because no sides were winning,"
he says.
The
merger was also not without its share of critics, from both business
and political spheres. Mittal takes us inside the merger process
which threatened to be constantly derailed. He describes his reaction
to criticism to his of own company by the CEO of Arcelor who cited
Mittal Steel as a company "…manufacturing sub standard
products" compared to its European counterparts.
Despite
fears of how these comments might have affected the success of the
merger, Mittal is candid in his assessment of the tactics used by
Arcelor management. But he also displays a pragmatic outlook on
how to get things done in today’s high-stakes business world.
"That’s how the game is played" he says, "…always
if I have only supporters, there would be no fun and no challenge."
Bindra
questions Mittal on the accusations of racism surrounding the deal
with the French steel maker. Mittal is forthcoming on his reaction
when questions of race became a part of a deal making process.
Motivated
from a humble childhood, the multi-billionaire says his approach
to managing the Mittal global business is to "…have a
lot of commitment and dedication to the business, deliver a better
product than our competition, and to have better productivity."
He
also speaks about family involvement in the company. Through a mutually
respected relationship, Mittal is grooming his two children with
the same care he puts into the business. As a result of his training,
it was actually his son who advised Mittal to take over Arcelor
in 2005. He adds that he is confident of "…what they are
doing and my son has been very successful as a president and CFO
of Mittal Steel."
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