In 2025, Lakshmi Niwas Mittal continues to be a prominent figure in the global steel industry and business world, with several key developments shaping his activities beyond the well-publicized tax-driven potential exit from the United Kingdom.
Major Industrial Expansion in India
Mittal announced that ArcelorMittal Nippon Steel India (AM/NS India) is constructing the world’s largest single-location integrated steel plant at Hazira, Gujarat. The plant is planned to have a production capacity of 24 million tonnes of crude steel and is expected to be operational in phases, with the first phase slated for inauguration by 2026 and full completion by 2029. This ambitious project underscores Mittal’s commitment to expanding steel production capacity in India and supporting the country’s goal of becoming self-reliant in steel manufacturing. The project enjoys strong support from the Gujarat government and Prime Minister Narendra Modi, who participated in the ground-breaking ceremony.
Investments in Renewable Energy and Green Hydrogen
Alongside steel production, Mittal is steering ArcelorMittal’s investments into renewable energy sectors, including solar, wind, and green hydrogen production in Gujarat. The company plans to invest around ₹50,000 crore (approximately $6 billion) in these green technologies, aligning with global trends toward sustainable industrial practices and India’s environmental targets. This diversification highlights Mittal’s strategic focus on integrating sustainability into heavy industry operations.
Business Leadership and Corporate Governance
Mittal remains the executive chairman of ArcelorMittal, while his son Aditya Mittal serves as CEO, reflecting a generational leadership transition. The company reported a strong financial performance with a net income of $679 million in the first quarter of 2025, driven by improved steel demand. However, in a cost-containment effort, Mittal and his family members in executive roles have agreed to a 15% pay cut for the fiscal year.
Philanthropy and Personal Life
On the philanthropic front, Lakshmi Mittal continues his longstanding tradition of giving back, including support for Indian athletes through the Mittal Championship Trust and contributions to educational institutions like the LNM Institute of Information Technology in Jaipur. His personal life remains rooted in family, with his wife Usha Mittal and children leading active roles both within the family business and in their personal endeavors.
Broader Economic and Political Context
Mittal’s potential departure from the UK is part of a wider reaction among ultra-wealthy non-domiciled residents to the UK government’s abolition of the non-dom tax status, a move that could reshape the residency decisions of many global elites. While this tax reform is the most publicized issue linked to Mittal in 2025, his ongoing industrial projects and investments in India demonstrate a broader focus on growth, sustainability, and innovation in the steel sector.
Key developments related to Lakshmi Niwas Mittal in 2025:
- Leading the development of the world’s largest integrated steel plant in Gujarat, India.
- Significant investments in renewable energy and green hydrogen.
- Continued executive leadership at ArcelorMittal with a focus on financial performance and cost efficiency.
- Active philanthropy and family involvement in business.
- Strategic reassessment of residency due to UK tax reforms.
These developments reflect Mittal’s dual role as a global industrialist and a businessman adapting to changing economic and regulatory landscapes while advancing sustainable industrial growth.
Read the full biography of Lakshmi Niwas Mittal — from his early life to his career journey and achievements.