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Subject: Rich list 2016 reveals steel magnate's fortune drop
Written By: Philip Eno on 04/24/16 at 5:43 am
The family behind Europe's biggest steelmaker has lost more than £2bn in the past year, the annual Sunday Times Rich List has revealed. Lakshmi Mittal, owner of ArcelorMittal, who held the top slot in 2008 with £27.7bn now has a fortune of £7.12bn and is number 11 on this year's list. The number of London billionaires fell for the first time since the financial crash - from 80 in 2015 to 77. There are also a record 125 women on this year's top 1,000 list.
Full report: http://www.bbc.co.uk/news/uk-36123097
Subject: Re: Rich list 2016 reveals steel magnate's fortune drop
Written By: LyricBoy on 04/24/16 at 8:25 am
'Twas inevitable, although he's still worth quite a few dinero.
Back in 2008 Mr. Mittal and I crossed paths. He had claimed that his business model had "put an end to the boom and bust cycle of the steel industry". I got a hearty laugh out of that and made light of it in an industry publication. I don't imagine he was too pleased.
In the end we both won. He's still mega rich, and I was absolutely right since steel is in the depths of its second bust since that exchange. ;D