Lakshmi Mittal joins Goldman Sachs' board

NDTV, July 1, 2008: Lakshmi N. Mittal, world steel tycoon based in England, has joined the board of directors of Goldman Sachs Group Inc, one of the oldest and largest investment banking firms headquartered here.

Mittal, the chairman and chief executive of the world's largest steelmaker ArcelorMittal, joined Goldman's 12-member board Saturday as an independent director, the Wall Street firm said in a press release Sunday.

Goldman Sachs's board announced that Mittal will serve on the audit, compensation, corporate governance and nominating committees of the board.

He and his family together own over 43 percent of ArcelorMittal, which accounts for about 10 percent of the world's total steel output.

India born Mittal, 58, who settled in London n 1995, is Britain's wealthiest man and fourth richest person in the world with a personal fortune of $45 billion, according to Forbes magazine.

Lloyd C. Blankfein, chairman and CEO of Goldman, said: "Lakshmi Mittal has reshaped a global industry and, in the process, has engineered new modes of production, identified unrealised value and sparked remarkable growth."

"He has a keen understanding of the global economy, having operated in virtually every corner of the world. Lakshmi's experience, judgment and independent thinking represent an important addition to our board of directors, and will be of tremendous value to our people, our shareholders and our clients," Blankfein added.

Mittal, a B.Com from St. Xavier's College in Kolkata, founded Mittal Steel Company in 1976. The company acquired Arcelor S.A. to form ArcelorMittal in 2006.

For his outstanding business achievements, Mittal has received many honours and awards, including Padma Vibhushan, India's second highest civilian honour. He was presented with a Fellowship from King's College London in 2007. The same year he received the Dwight D. Eisenhower Global Leadership Award and the Grand Cross of Civil Merit from Spain.

Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals.

Mittal is the second Indian on the board after Rajat Gupta, a senior partner at Mckinsey. Mittal is also a director of India's ICICI Bank and aerospace company EADS.

Interestingly, Mittal has also been on the international advisory board of one of Goldman's arch-rivals, Citigroup, but no longer holds this post.