President praises steel tycoon at ArcelorMittal factory in Cleveland.
By Deepak Chitnis
WASHINGTON, DC: US President Barack Obama praised Indian steel tycoon Lakshmi Mittal during a speech in Cleveland, Ohio.
Obama, who gave the speech last week while visiting the ArcelorMittal steel factory in Cleveland, thanked Mittal and his company, ArcelorMittal, for putting money into the Cleveland area, creating jobs, and helping boost the economy.
“I want to thank [ArcelorMittal] CEO, Lakshmi Mittal, for investing in America and the Cleveland area,” said Obama. “We appreciate him.”
The President went on to describe just how remarkable the work of ArcelorMittal has been in Cleveland, saying that as recently as a few years ago, “The economy was in free fall, auto industry on the brink of collapse, and that meant demand for steel had dried up. The blast furnaces went quiet.”
He continued, saying, “About 1,200 steelworkers punched out for what might have been the last time. And that all came at the end of a decade when the middle class was already working harder and harder just to get by, and nearly one in three American manufacturing jobs had vanished — a lot of them going overseas and that could have devastated this community for good.
“But now, all is well, thanks in very large part to Mittal’s steel empire. Today, the steel you make in Cleveland is some of the strongest you’ll find anywhere in the world,” said Obama. “It’s one of the most productive plants in the world. Best workers in the world.”
Mittal himself also spoke at the event, calling President Obama’s visit “a great honor.” The London-based Indian business mogul spoke about how his company has invested $70 million and created 150 jobs just in 2013 alone. He also spoke briefly about his company’s vow to continually increase their standards and produce the best steel in the world, especially under the “demanding fuel-efficiency standards that will be required in the run up to 2025.”
Originally from Sadulpur, Rajasthan, Mittal’s interests in steel manufacturing came from his father, who was also involved in the industry. Today, Mittal is one of the richest people in the world. In 2008, his net worth hit an all-time high of $69.1 billion, making him the third wealthiest man in history. That year he also received the Padma Vibhushan award from the Indian government.
To contact the author, email to deepakchitnis@americanbazaaronline.com