Lakshmi Mittal leaves the list of the richest businessmen in South Africa

The fall in quotations of the South African division of the largest metallurgical company in the world overthrew the main shareholder of ArcelorMittal from the top of the list of the richest entrepreneurs in South Africa.

Although Lakshmi Mittal is not a citizen of the Republic of South Africa, his name has topped the list of the richest businessmen in South Africa according to the Sunday Times Rich List for 6 years. However, in the new list of the rich for 2015, his name is completely absent.

The reason for Mittal's exclusion from the rating of South African businessmen was a record drop in the share price of ArcelorMittal SA, which was caused by a sharp drop in steel prices, an increase in production costs and, as a result, the unprofitability of the entire production.

Recently, the CEO fled from the company, who managed to work in his position for about a year and a half. Paul O'Flaherty never managed to implement his ambitious plans to cut costs and turn the company into profit.

Lakshmi Mittal led the TOP entrepreneurs in South Africa from 2006 to 2011, but already in 2012 fell to the third position, in 2013 - to the 9th place and in 2014 - to the 13th place.

Earlier in September, ArcelorMittal's South African division said it was unable to profitably produce steel in South Africa and would likely close production facilities in that country indefinitely. However, recently, after the South African government “worked” with the company's managers, ArcelorMittal SA announced that it would continue to work. But the director preferred to quit.