ArcelorMittal Executive Chairman Lakshmi Mittal Sees India Driving Next Wave of Global Steel Demand
“If I look back over the 20 years, I genuinely believe that the merger did indeed create a stronger company, benefiting from greater scale, diversification, resilience and strategic reach. Clearly – as is always the way - there have been events we did not anticipate. The aftershocks of the Global Financial Crisis are still with us, and the fallout from COVID has been similarly dramatic. I am adamant though that we navigated these shocks better together than we could have done separately,’’ Mittal said.
“Operating in 2026 is obviously very different to 2006. Today markets move faster, competition is more global, technology changes constantly, and companies are expected to adapt in real time. Even traditional industries like ours operate in a faster, more global, more data-driven, and more environmentally constrained world than they did in 2006. There are plenty of reasons to remain optimistic and excited about the future. I have no doubt that we will continue to face plenty of challenges and unexpected events. But honestly, I can say that after 50 years in the steel industry, there is no place I would rather be.”
Ahead of its 20th anniversary on July 31 this year, ArcelorMittal Executive Chairman Lakshmi Mittal, recalled the speech he gave at the event, shortly before the merger of Mittal Steel and Arcelor was reached.
Reflecting on the past two decades, Mittal highlighted how the combination created a stronger, more resilient business with the scale, diversification and reach to navigate major global shifts - from the financial crisis to the COVID-19 pandemic to the rise of China’s steel industry. He also set out how industry has evolved, with faster-moving markets, greater technological change and a more complex operating environment than in 2006.
Looking ahead, Mittal expressed confidence in the long-term outlook for steel, underpinned by demand from emerging markets such as India, infrastructure renewal in developed economies and the energy transition. He also underlined the growing role of domestic industrial policy and the importance of maintaining a strong, competitive steel industry.
Published on:
19 June 2026
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