Behind every billionaire there is a story!

Mittal family to get $935-million dividends from ArcelorMittal

Billionaire Lakshmi Mittal, the steel tycoon who heads the world’s largest steel maker, and his family will make $935.4-million (U.S.) in share dividends from their stake in ArcelorMittal this year, according to figures the company published Monday.Mr. Mittal ranked fifth last year on Forbes magazine’s list of the world’s wealthiest people, with an estimated fortune of $32-billion.

Born in India and now based in London where he lives in Britain’s most expensive house, he led Mittal Steel Co.’s battle for control of Luxembourg-based Arcelor in 2006 that saw the world’s No. 1 and No. 2 steel companies combine to form a titan controlling 10 per cent of steel output.

Shareholders will see rewards from the company’s 2007 earnings with four quarterly dividends of 37.5 cents throughout the year for each share. Net profit in the third quarter alone was $3-billion, a 36 per cent increase from a year earlier.

The Mittal family are the biggest shareholders in the company with a 43 per cent stake — or 623.62 million shares — that will give them $233.8-million each quarter. Tax authorities in ArcelorMittal’s Luxembourg base will take a 15 per cent slice of the payout.

read the rest published by Globe Investor here:

http://www.globeinvestor.com/servlet/story/RTGAM.20080121.wmittal0121/GIStory/