After 2012 loss, Indian billionaire Mittal asks for Romania's support in reducing energy costs at Galati plant

Indian billionaire Lakshmi Mittal, who owns the ArcelorMittal industrial group, recently met Romanian Prime Minister Victor Ponta during his annual visit to Romania (both in picture), and asked for the Romanian state's support in reducing energy costs at its plant ArcelorMittal Galaţi. Lakshmi Mittal presented the steel industry evolution, which has taken a nosedive, especially in Europe, and ArcelorMittal's preoccupation in ensuring a sustainable future of this industry in Europe and in Romania in particular, according to the Government's statement after the meeting. The PM assured the investor the Romanian Government will offer its support for an efficient and long – term activity for ArcelorMittal in Romania. He reminded Lakshmi Mittal of the upcoming discussions during the European Council, where the problems he had raised and implications over competitiveness will also be debated. The meeting between the PM and Mittal was attended by Ionel Borş, country manager of ArcelorMittal Galaţi, and Bruno Ribo, general manager of the plant, and from the Romanian authorities, Communication Minister Dan Nica, head of Energy regulation Authority ANRE Niculae Havrileţ, and PM adviser Mihnea Constantinescu. Lakshmi Mittal ranks 41st among the world's billionaires in the most recent Forbes top, with an estimated net worth of USD 16.5 billion, and is the second richest in India. His fortune dropped by more than USD 4 billion since 2012, and as much as USD 14.6 billion in the last two years as shares in ArcelorMittal went down in price on weak European demand. ArcelorMittal reported a USD 3.7 billion loss in 2012 but said it was not planning to close down any of its European plants. editor@romania-insider.com (photo source: gov.ro)