Earlier this summer, as the India cricket team made a difficult start to its four-match series against England, Lakshmi Mittal said it was good to see the “[world] champions challenged”.
It is doubtful, however, that Mr Mittal views with the same equanimity the tough knocks his steel company has suffered as it struggles to re-establish its previously dominant industry position.
When the Indian billionaire created ArcelorMittal in 2006 from a €26.9bn takeover of Luxembourg-based Arcelor, he encouraged hopes that the deal would change the fortunes of the worldwide steel industry by sparking a new series of consolidation efforts.
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