The steel industry is about as “heavy” as heavy industry can get, and considering its raw material consists of iron ore, coke, acid, chemicals and heat, it’s a pretty dirty industry. Neither has it built a reputation for making its shareholders fabulously wealthy. It comes as a bit of a surprise then to see that Lakshmi Mittal, the Indian steel baron topped the Sunday Times “rich list”, by some margin. At £14.8bn, his wealth is twice that of last year’s winner, Chelsea football club owner Roman Abramovich, now in second place.
Mr Mittal’s rise is partly explained by the fact that his steel assets have been consolidated into the stock market listed Mittal Group. His 88% holding is worth nearly £13bn following high steel prices, while significant dividend payouts make up the rest.
My timing, and investment choices being what they are. I bought shares in Corus, and sold them when they were worth tuppence to invest the money in my pension plan that lost money even more rapidly. What little was left my ex took half of! So don’t expect to see me in next year’s list.
MG Rover are having a tough week, with the Chinese getting “the jitters” about potential future financial liabilities. Lets hope that they can work something out. More here.
Anyway, rambling on here won’t get the “babbies dressed”, now who do I know that NEEDS some 1mm thick cold rolled hard bright?