Monday, April 30, 2007

Steel magnate tops UK Rich List

NRI steel tycoon Lakshmi Mittal on Sunday topped the list of the richest individuals in Britain for the third successive year with a wealth of £19.250 billion even as the Hinduja brothers and Lord Swraj Paul emerged as the second and third richest Asians in the UK.
According to The Sunday Times rich list 2007, 56-year-old Mittal saw his wealth shoot up from £14.881 billion in 2006 to £19.250 billion this year, an increase of a staggering £4.369 billion.

It must be hard to swallow, for engineering companies struggling to recover the increasing cost of steel, to see news like this. Whilst Steel manufacturers like all businesses need to make a profit, the unprecedented increases of the last three years continue to pose problems for the "metal bashing" industries.

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