Talk about a crappy 2008.
But don’t fret he’s still worth $16 bil, for now.
If you’re American, you might be asking, who’s this guy? Well, he’s a steel billionaire (obviously, from the headline) from India who in 2007 was Forbes’ 4th richest person in the world. Looks like he’ll be a lot lower on the list next year. Unless of course the other rich guys lose their money in tandem.
Trading Markets: After braving the global financial crisis for months, the creaks are getting wider in the market value of steel empire created by the world’s richest Indian Lakshmi Mittal, with about USD 50 billion knocked off from the net worth of NRI business tycoon himself.
While the US and European markets started their downslide way back in August-September last year, ArcelorMittal, the world’s largest steelmaker, continued to gain value till about five months ago and its share price scaled a life-time high of 104.77 dollars on June 5 at the US bourses.
However, the valuation has now dipped to below the one-fourth of its record high level and the company’s shares, which are listed at NYSE as well as on some European bourses, are currently trading near 25 dollars level.
During these five months, the company’s market capitalisation has also plummeted to 37.3 billion dollars, from a high of over 150 billion dollars. Accordingly, the net worth of Lakshmi Mittal, who along with his family members hold a 43.02 per cent equity, has also dipped to just about 16 billion dollars from as high as about 66 billion dollars on June 5.
According to the company’s latest shareholding data, the Mittal family owns 623.285 million shares of the company, while the remaining holding is in the form of public holding and treasury shares.
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