NRI steel baron lakshmi Mittal, who had topped South Africa’s richest list of 100 businessmen for six consecutive years, has been left out this year due to plummeting share priceof ArcelorMittal SA amid the global drop in steel prices.
Mittal started dropping down on the annual list of South Africa's richest businessmen three years ago, after being ranked on top from 2006 to 2011. In 2012, Mittal was ranked third in the annual Sunday Times Rich list and a year later, he was at the 9th position.
He was ranked at number 13 in South Africa last year and this year, he is no where on the list, which has been topped by well-known businessman Christo Wiese whose total investment has been put at 104 billion rands (over $6.8 billion) in 8 companies.
Mittal’s wealth dropped substantially with the ArcelorMittal SA share price having plummeted in the past two years amid the global drop in steel prices.