Lakshmi Mittal transformed steelmaking. Can his son do it again?

LAKSHMI MITTAL has two passions: the steel industry and his family. His embrace of the first turned a poor boy from Rajasthan into the “Carnegie from Calcutta”, a man who built the world’s second-biggest steel empire from scratch, culminating in a takeover in 2006 of Arcelor, a European champion. The second sometimes sounds like tabloid fodder: lavish weddings in Paris; family homes—one known as the Taj Mittal—on London’s “Billionaire’s Row”. Yet Mr Mittal’s family knows the steel business inside out. Last year Aditya, his 46-year-old son, became CEO of ArcelorMittal. It now falls to him to transform the industry again.