Lakshmi Mittal tumbles to 9th spot in SAfrica's rich businessmen list

Johannesburg: NRI steel baron Lakshmi Mittal,who was at the top in South Africa’s richest businessmen listfor six consecutive years, has dropped down to 9th positionthis year due to plummeting share price of ArcelorMittal SA.Mittal has continued to drop down the rankings since lastlast year when he was ranked third after losing the top spotwhich he held for six consecutive years previously.

This year Mittal took the 9th position.

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Although not a resident in South Africa, Mittal’s namehas been included on the list of the South Africa’s richestbusinessmen because of his share holding in ArcelorMittal SA -the steel giant that bore out of Mittal’s takeover of formerstate-owned monopoly Iscor about a decade ago.

Mittal’s wealth dropped substantially with theArcelorMittal SA share price having almost halved in the pastyear.

Patrice Motsepe, mining magnate and formerly jointchairman of the India-South Africa CEO’s Forum with RatanTata, was knocked off his top position in the annual RichList, compiled by the weekly Sunday Times, by Christo Wiese,head of major supermarket retailer.Property tycoon Ragavan Moonsamy was the only SouthAfrican businessman of Indian origin who featured in the top100 on the Rich List this year.The Rich List is based on an analysis of holdings of allcompanies listed on the Johannesburg Securities Exchange.

PTI