Lakshmi Mittal

Net sales of the steel major fell by 13.5 percent to USD 17.12 billion during January-March from USD 19.79 billion in the same quarter last fiscal.

Among the 90 Indians on the Forbes Rich List 2015, published on Monday, Ambani (39th globally) is closely followed by pharmaceuticals business tycoon Dilip Shanghvi (44th rank with networth of USD 20 billion) and Azim Premji (48th with USD 19.1 billion).

The company, controlled by NRI billionaire Lakshmi Mittal, had reported USD 1.2 billion net loss in the October-December quarter of the last year, it said in a statement.

The company, which makes 6-7 percent of the world's steel and is a broad gauge for the health of global manufacturing, said global steel consumption should increase by between 3.5 and 4 percent in 2014 from about 3.5 percent last year.

The Forbes India rich list shows modest gains for India's richest due to a stumbling economy. Steel magnate Lakshmi Mittal also retains his No.2 position on the rich list with a wealth of USD 16 billion.

Lakshmi Mittal's ArcelorMittal might shelve another of its two planned mega steel projects in India following the exit of some of its senior executives, including Sanak Mishra, CEO of Greenfield Projects.

Lakshmi Mittal confirmed that ArcelorMittal had ditched a plan to build a major steel plant in the eastern state of Orissa, blaming a protracted dispute over land. The announcement by the world's largest steelmaker by sales came just days after Posco of South Korea said it was scrapping a USD 5.3bn steel mill project for similar reasons.

ArcelorMittal CEO Lakshmi Mittal said on Saturday he regretted that the steel giant was having to permanently close two French blast furnaces but high labour and energy costs kept France at a competitive disadvantage.

With networth of USD 21.5 billion, Mukesh Ambani has retained his title as India's richest person for sixth year in a row, while Mexican business tycoon Carlos Slim has emerged as wealthiest in the world for the fourth consecutive year.

The salary of Lakshmi Mittal, Chairman and CEO of ArcelorMittal, inched up a mere 1.78 per cent at USD 1.77 million last year, amid the world's largest steelmaker reporting a net loss of USD 3.73 billion in 2012 due to slump in demand and write downs.

Indian leaders are all set to showcase the country as an attractive investment destination, especially for retail and IT, at this year's WEF meet that began today at the snow-laden Swiss town amid uncertain global economic environment.

The six-day long World Economic Forum annual meet, which will see participation of over 100 Indian business and political honchos as well as global leaders, began here today and fiscal woes in the world economy are expected to dominate discussions.

Prime Minister Manmohan Singh and Congress President Sonia Gandhi have been named among the top 20 most powerful persons in the world by Forbes magazine in its annual power rankings which placed US President Barack Obama as number one for a second year in a row.

The billionaire life brings with it many perks, but none so much as art—its appreciation and acquisition—which sets one extraordinarily rich scion apart from the other.

With its palatial mansions, high-end stores, designer outlets, restaurants, and hotels, London is a Mecca for wealthy Indians. Here, ultra high net-worth individuals can create what one marketer calls' cocoons of luxury, pastures of isolation, the unbranded, branded experience'.

The French government backed away on Friday from a threat to nationalise a steelworks, saying it secured promises from the owner, ArcelorMittal, to invest and avoid any forced layoffs at the site where the company has idled two blast furnaces.

The row between Indian steel tycoon Lakshmi Mittal and the French government remains unresolved, at a difficult time for France.

ArcelorMittal has got possession of land in Karnataka for its Rs 30,000-crore steel plant in Karnataka, six years after it announced grand India plans.

Lakshmi Mittal warned that the slowdown in China was casting a further shadow over a "fragile" global economy, after announcing that ArcelorMittal, the world's biggest steelmaker by sales, slid into a third-quarter net loss.

Reliance Industries Chairman Mukesh Ambani is the country's richest man with a personal fortune of USD 21 billion, according to Forbes Magazine. Mukesh Ambani beats steel giant Lakshmi Mittal and Wipro head Azim Premji to top the Forbes's list.