Home > economy, world > Lakshmi Mittal Takes the Pedal Off the Metal

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

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