Who Is Lakshmi Mittal? The Global Market Owner Leaving UK…
If you’ve ever wondered who forged one of the world’s biggest steel empires, meet Lakshmi Mittal, India-born business titan and Executive Chairman of ArcelorMittal, the world’s second-largest steelmaker.
Known as the “King of Steel,” Mittal didn’t just rise in business, he reshaped the entire industry with bold acquisitions and fearless global expansion. The steel tycoon, who has always been a business trendsetter, has now decided to leave the UK amid soaring taxes and changing rules. A man who melts obstacles like molten metal, Mittal remains one of the world’s richest, and most influential, forces in global industry.
Career And Business Trajectory Of Lakshmi Mittal
- Company Leadership
- Mittal served as CEO of ArcelorMittal until 2021, after which his son, Aditya Mittal, took over.
- He became the Executive Chairman and also serves as Chairman of Aperam, a stainless steel manufacturer.
- Global Expansion
- Began his career in his family’s steel business in India.
- Moved to Indonesia in his mid-20s to build his first steel mill.
- Expanded globally by acquiring underperforming state-owned mills, transforming the global steel landscape.
- Key Mergers
- Merged Ispat International and LNM Holdings to form Mittal Steel in 2004.
- Executed the landmark (initially hostile) takeover of Arcelor in 2006, creating ArcelorMittal.
What Is Lakshmi Mittal Recognised For?
Lakshmi Mittal has not only influenced the global steel industry but also managed to gather a trophy cabinet that any business leader would envy. In case you ever had doubts about how the world recognises a true industrial giant, Mittal is the best model to consider.
The Indian government awarded him the second-highest civilian honour, the Padma Vibhushan, in 2008 as a way to acknowledge his huge global impact. Forbes, the Financial Times, and other outlets gave him the titles of “European Businessman of the Year” and “Person of the Year” respectively.
These titles are not merely accolades, they are signposts that remind us how Mittal’s vision, determination, and global ambition transformed him into a modern-day industrial icon.
Why Is Lakshmi Mittal Leaving UK?
Lakshmi Mittal is making headlines today (November 24, 2025) for a reason that has sent ripples across the UK’s business and political circles.
After nearly 30 years in the United Kingdom, the steel tycoon is reportedly preparing to leave the country, worried about the Labour government’s upcoming changes to wealth taxation, especially the inheritance tax, which could claim up to 40% of global assets.
With the abolition of the non-dom status and uncertainty surrounding future tax rules, Mittal’s exit highlights growing unease among high-net-worth individuals. His departure signals a deeper concern: Britain may be on the verge of a billionaire exodus.
Reasons Behind Lakshmi Mittal’s Big Move
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Tax Concerns Taking Center Stage: Mittal’s biggest worry is the possible overhaul of UK tax laws, especially inheritance tax that can reach 40%. Advisers say wealthy foreign residents “cannot understand” why their global assets should fall under UK tax.
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The End of the ‘Non-Dom’ Comfort Zone: With the Labour government abolishing the non-domiciled (non-dom) status, the once-favourable tax shield for global earnings has vanished, creating a wave of uncertainty among the ultra-rich.
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A Strategic Relocation Blueprint: Mittal is reportedly already a tax resident of Switzerland and plans to spend most of his time in Dubai, both countries with zero inheritance tax. He already owns a mansion in Dubai and continues to expand his property footprint.
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A Growing Billionaire Migration Trend: Ranked as the UK’s eighth richest person, Mittal is now the most prominent name in a growing list of wealthy individuals, such as tech founder Herman Narula, quietly exiting the UK due to the shifting tax landscape.
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A Budget That Has Everyone Waiting, and Worried: All this unfolds just before Chancellor Rachel Reeves’ Budget on November 26, 2025, widely expected to introduce more tax pressure on high-net-worth individuals.
(With Inputs)
Aishwarya is a journalism graduate with over three years of experience thriving in the buzzing corporate media world. She’s got a knack for decoding business news, tracking the twists and turns of the stock market, covering the masala of the entertainment world, and sometimes her stories come with just the right sprinkle of political commentary. She has worked with several organizations, interned at ZEE and gained professional skills at TV9 and News24, And now is learning and writing at NewsX, she’s no stranger to the newsroom hustle. Her storytelling style is fast-paced, creative, and perfectly tailored to connect with both the platform and its audience. Moto: Approaching every story from the reader’s point of view, backing up her insights with solid facts.
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