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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Donald Trump vs Barack Obama: How the inauguration speeches compared

We compared the two presidents on trade, foreign affairs and climate change – so you (really, really) don't have to.

After watching Donald Trump's inaugural address, what better way to get rid of the last few dregs of hope than by comparing what he said with Barack Obama's address from 2009? 

Both thanked the previous President, with Trump calling the Obamas "magnificent", and pledged to reform Washington, but the comparison ended there. 

Here is what each of them said: 

On American jobs

Obama:

The state of our economy calls for action, bold and swift.  And we will act, not only to create new jobs, but to lay a new foundation for growth.  We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together.  We'll restore science to its rightful place, and wield technology's wonders to raise health care's quality and lower its cost.  We will harness the sun and the winds and the soil to fuel our cars and run our factories.  And we will transform our schools and colleges and universities to meet the demands of a new age.

Trump:

For many decades we've enriched foreign industry at the expense of American industry, subsidized the armies of other countries while allowing for the very sad depletion of our military.

One by one, the factories shuttered and left our shores with not even a thought about the millions and millions of American workers that were left behind.

Obama had a plan for growth. Trump just blames the rest of the world...

On global warming

Obama:

With old friends and former foes, we'll work tirelessly to lessen the nuclear threat, and roll back the specter of a warming planet.

Trump:

On the Middle East:

Obama:

To the Muslim world, we seek a new way forward, based on mutual interest and mutual respect. To those leaders around the globe who seek to sow conflict, or blame their society's ills on the West, know that your people will judge you on what you can build, not what you destroy. 

Trump:

We will re-enforce old alliances and form new ones and unite the civilized world against radical Islamic terrorism, which we will eradicate completely from the face of the earth.

On “greatness”

Obama:

In reaffirming the greatness of our nation we understand that greatness is never a given. It must be earned.

Trump:

America will start winning again, winning like never before.

 

On trade

Obama:

This is the journey we continue today.  We remain the most prosperous, powerful nation on Earth.  Our workers are no less productive than when this crisis began.  Our minds are no less inventive, our goods and services no less needed than they were last week, or last month, or last year.  Our capacity remains undiminished.  

Trump:

We must protect our borders from the ravages of other countries making our product, stealing our companies and destroying our jobs.

Protection will lead to great prosperity and strength. I will fight for you with every breath in my body, and I will never ever let you down.

Stephanie Boland is digital assistant at the New Statesman. She tweets at @stephanieboland