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Billionaire Lakshmi Mittal cleans up with his dividends

Billionaire Lakshmi Mittal, the steel tycoon who heads the world's largest steelmaker, and his family will make US$935.4 million in share dividends from their stake in ArcelorMittal this year, figures the company published on Monday showed.

Mittal ranked fifth last year on Forbes magazine's list of the world's wealthiest people with an estimated fortune of US$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 percent of steel output.

Shareholders will see rewards from the company's 2007 earnings with four quarterly dividends of US$0.375 throughout the year for each share. Net profit in the third quarter alone rose 36 percent to US$3 billion from a year earlier.

The Mittal family are the biggest shareholders in the company with a 43 percent stake -- or 623.62 million shares -- that will give them US$233.8 million each quarter with the euro conversion calculated near the time of payment.

Tax authorities in ArcelorMittal's Luxembourg base will take a 15 percent slice of the payout.

Mittal began his career in his family's Calcutta steel business. He founded his first steel plant in Indonesia in 1976 before becoming a major player in the 1980s.
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