Monday, February 2, 2009

Steel tycoon Mittal loses £35bn in eight months

Lakshmi Mittal, who holds a controlling interest in steel manufacturing giant Arcelor Mittal, has seen the value of his stake plummet by ВЈ35bn in the past eight months.

Mittal, who is Britain's wealthiest man, has enjoyed huge growth in his business over the past decade, driven by the worldwide construction boom, and particularly the emerging economies of China and India.

His stake in Arcelor Mittal was worth ВЈ45bn in June 2008, but with demand for steel falling sharply since then, its value is now barely ВЈ10bn.

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