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Mittal & Son

An inside look at the dynasty that dominates steel

By Stanley Reed

Deep inside the Beaux Arts Palace in Luxembourg that serves as headquarters of steel giant Arcelor Mittal (MT ), a half-dozen men in their forties and fifties listen intently as plant managers from around the world file in to make presentations. This is no bunch of lightweights: Almost everyone at the table has decades of experience in the steel industry. The lone exception is 31-year-old Aditya Mittal, the baby-faced chief financial officer and son of the founder and chief executive, Lakshmi N. Mittal. But in this room full of veterans, he's the one who's really calling the shots. When Louis Schorsch, who heads the company's operations in the Americas, brings up the delicate topic of personnel problems at one important plant, it's Aditya Mittal who responds. "Feel free," Mittal says impassively, "to change the management."