According to news released by economictimes.com, Lakshmi Mittal owner of Mittal steel company might dilute his stake from 97% to 88%. This dilution comes in a wake with the acquisition of Richfield, a steel plant in the state of Ohio. One of the spokeswomen from Mittal steel has confirmed that the stakes would further decrease with more and more acquisition. Mittal has set his eyes on more that two or three major steel companies globally.
Lakshmi Mittal had started the Mittal steel company with only one steel plant in Indonesia in 1976. At present Mittal is said to be planning to acquire more steel plants in Ukraine and Turkey. Looks like Mittal’s are willing to dilute for more acquisitions rather than to increase his shares. Well I guess we need to watch out for this man of steel who is all set to take the world by storm.