Lakshmi Mittal Takes the Pedal Off the Metal
Lakshmi Mittal, head of the world’s largest steelmaker and one of the world’s richest men, has a new mantra: Slow and steady wins the race.
This from a man who created a steel giant by collecting mills around the planet and putting them under one umbrella. ArcelorMittal, which didn’t exist a decade ago, now accounts for 10% of global steel production.
That pedal-to-the-metal growth strategy worked until a year ago when the world’s economy took a dive. The company, based in Luxembourg, posted three consecutive quarterly losses, the latest at $792 million, and some analysts expect it to post another loss in the current quarter.
Read original article @ WSJ