Leaving India was biggest challenge - Mittal

By SiliconIndia   |   Monday, 29 June 2009, 05:44 Hrs   |    1 Comments
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Leaving India was biggest challenge - Mittal
New Delhi: "The biggest crisis or challenge I faced I believe is when I left India. I did not have any exposure to the global market, global situation and I landed up in a country (Indonesia) I never knew about," said Laxmi Mittal, Chairman and CEO, ArcelorMittal.

He admitted that ArcelorMittal did not anticipate a crisis of this magnitude, and said that the company has acknowledged the slowdown and was the first one to resort to cost-cutting measures.

Mittal, 58, born in Sadulpur, Rajasthan, parted ways with his father and brother and took over the international affairs of the family business and left for Indonesia than three decades ago.

He founded the Mittal Steel company in 1976. He expressed his disappointment over delays in securing regulatory approvals for his 1 lakh crore steel project in India. "We are disappointed with this. We are still awaiting some of the approvals, land approvals, environment approvals, and mining license; clearly this has delayed the progress by two years."

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