Forbes Lifetime Achievement Award for Lakshmi Mittal

08 September 2008

Mumbai: American business magazine Forbes will confer ArcelorMittal chairman Lakshmi Mittal with the `Forbes Lifetime Achievement Award', its highest award for global business success and the third such honour for heroes of entrepreneurial capitalism and free enterprise.

The award will be presented to Mittal, who was in March named the fourth richest person with a net worth of $45 billion by Forbes, tonight at its Global CEO Conference, being held in Singapore.

The global CEOs conference is expected to be attended by over 450 business leaders with a combined net worth of more than $160 billion from around the world.

''Mittal will receive the third Malcolm S Forbes Lifetime Achievement Award at the opening dinner tonight from Steve Forbes, chairman and CEO of Forbes, and editor-in-chief of Forbes magazine," Forbes said in a statement.

''The award honors heroes of entrepreneurial capitalism and those who embody and exemplify the ideals of free enterprise," it added.

India-born Mittal founded Mittal Steel Company (formerly LNM Group) in 1976 and nurtured his steel empire through acquisitions, including that of the International Steel Group in the US, and later emerged the world's largest steel producer following merger with Anglo-Dutch steel producer Arcelor in 2006.