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John Satish K: The crown prince

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John Satish K New Delhi
Last Updated : Jun 14 2013 | 5:14 PM IST
It must be some head that has the fertility of imagination to conceive an idea as audacious as acquiring the second-largest steel-maker in the world for a whopping $32.3 billion, marking the culmination of the courtship of two of the biggest players in steel, which have led the global consolidation drive in the industry.
 
But, then again for this Economics graduate from Pennsylvania University's Wharton School, growing up as steel magnate L N Mittal's son, it was probably only natural that such ideas should germinate in his head. If the fact that his first job was in the mergers and acquistions department at investment bank Credit Suisse First Boston is any indication, then Aditya Mittal eats, drinks and sleeps M&As.
 
Aditya was roped into the family business in 1997, and was promoted to head of M&As just two years later. In this role, he led the company's acquisition strategy, resulting in Mittal Steel's expansion into Central Europe, Africa and, most recently, the United States.
 
This led to Mittal Steel emerging as the world's largest and most global steel producer, growing its steel-making capacities fourfold with operations in 17 countries. These acquisitions included Polskie Huty Stali in Poland, Nova Hut in the Czech Republic, Sidex in Romania, Annaba in Algeria and Iscor in South Africa. The icing on the cake was the $5.4-billion takeover of the International Steel Group in the US.
 
Prior to his M&A responsibilities, Aditya managed the IPO for Ispat International NV "" the largest ever IPO in the steel industry, raised over $775 million and got the equity deal of the year award in 1997.
 
His boyish charm may be misleading, but the wonder-kid of the steel world has achieved all this in just 32 summers and reportedly even turned down the offer to be chief executive of the newly-forged Arcelor Mittal. Knowing his credentials and pedigree, it is probably the desire to prove himself all over again to the new set-up that has prompted this decision.
 
For now, speculation is rife in the industry that he would be appointed as chief financial officer of the world's biggest steel maker "" a position that he held in Mittal Steel. Whenever that time comes, one can take for granted that the crown prince will be ready to wear the crown. For now, he must be content in the knowledge that no matter how daring an idea may be, if one can think it, one can achieve it.

 
 

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First Published: Jul 03 2006 | 12:00 AM IST

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