Five things you didn’t know about Lakshmi Mittal, Britain's wealthiest citizen

The steel king had a recent spat with François Hollande.

A recent spat with François Hollande has revealed just how much clout is carried by Britain’s wealthiest individual. After Arnaud Montebourg, French Minister for Industrial Recovery, threatened nationalising ArcelorMittal’s French steel furnaces, its owner Lakshmi Mittal went straight to the Elysée Palace to call a meeting with Hollande. The entrepreneur and politician battled out a deal that, by Monday afternoon, revealed Mittal as the winner: his steel plants will not be nationalised. However, this is not the first time Mittal has thrown his industrial might against politics. Here are five other things you may not have known about Lakshmi Mittal:

  1. The Indian born magnate has clashed once before with a French president. During Jacque Chirac’s tenure, Mittal went through with a hostile takeover of the French company, Arcelor, against the President’s wishes. Allegations of xenophobia caused Chirac to later comment: "In principle, we have absolutely nothing against a non-European taking over a European company."    
  2. Hostility with French politicians is balanced with warm relations to the British. A major Labour Party donor, Mittal was accused in 2002 of buying political power. When a Romanian state steel company was being auctioned off, Tony Blair wrote a letter to the Romanian Government in favour of Mittal’s LNM. The letter, when revealed, caused uproar, especially since LNM was not registered in Britain, but in the Dutch Antilles, exempting it from hefty tax.     
  3. Although he only moved to Britain in the 1990s, Mittal is now our wealthiest citizen. His personal $20.7 billion is larger than the GDP of Equatorial Guinea.
  4. The ArcelorMittal Orbit is named after him. The red tower, designed by Anish Kapoor and dubbed the Hubble Bubble by Boris Johnson, was built with his own steel.
  5. After long negotiations, Mittal was the first person granted a private party in the Palace of Versailles. The occasion: the engagement of his daughter, Vanisha, who then moved in next door at 9A Palace Greens, Kensington Garden.
Lakshmi Mittal. Photograph: Getty Images

Oliver Williams is an analyst at WealthInsight and writes for VRL Financial News

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How Theresa May laid a trap for herself on the immigration target

When Home Secretary, she insisted on keeping foreign students in the figures – causing a headache for herself today.

When Home Secretary, Theresa May insisted that foreign students should continue to be counted in the overall immigration figures. Some cabinet colleagues, including then Business Secretary Vince Cable and Chancellor George Osborne wanted to reverse this. It was economically illiterate. Current ministers, like the Foreign Secretary Boris Johnson, Chancellor Philip Hammond and Home Secretary Amber Rudd, also want foreign students exempted from the total.

David Cameron’s government aimed to cut immigration figures – including overseas students in that aim meant trying to limit one of the UK’s crucial financial resources. They are worth £25bn to the UK economy, and their fees make up 14 per cent of total university income. And the impact is not just financial – welcoming foreign students is diplomatically and culturally key to Britain’s reputation and its relationship with the rest of the world too. Even more important now Brexit is on its way.

But they stayed in the figures – a situation that, along with counterproductive visa restrictions also introduced by May’s old department, put a lot of foreign students off studying here. For example, there has been a 44 per cent decrease in the number of Indian students coming to Britain to study in the last five years.

Now May’s stubbornness on the migration figures appears to have caught up with her. The Times has revealed that the Prime Minister is ready to “soften her longstanding opposition to taking foreign students out of immigration totals”. It reports that she will offer to change the way the numbers are calculated.

Why the u-turn? No 10 says the concession is to ensure the Higher and Research Bill, key university legislation, can pass due to a Lords amendment urging the government not to count students as “long-term migrants” for “public policy purposes”.

But it will also be a factor in May’s manifesto pledge (and continuation of Cameron’s promise) to cut immigration to the “tens of thousands”. Until today, ministers had been unclear about whether this would be in the manifesto.

Now her u-turn on student figures is being seized upon by opposition parties as “massaging” the migration figures to meet her target. An accusation for which May only has herself, and her steadfast politicising of immigration, to blame.

Anoosh Chakelian is senior writer at the New Statesman.

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