HI all, Did you hear this news? A person getting poorer by $50 billion? Here is the cut out: The global financial meltdown has erased $50 from NRI steel tycoon Lakshmi Mittal due to decline in the value of the shares he hold in the ArcelorMittal, , a leading economic daily has claimed. Mittal owns 45 percent in the world largest steel company ArcelorMittal, has seen his personal sharedholding fall since late June from $66 billion to $16 billion, claimed by Financial Times in an analysis of the effect of global financial crisis on the steel industry. “When Mittal talks to investors and analysts next week, he is likely to come in for tough questioning about how much he will cut production in the next few months. “He will also be asked to explain the status of the company’s expansion programme, in particular two big plants being planned for India, which look likely to be scaled back,†the report said. The chairman and chief executive of ArcelorMittal, next week faces the biggest test of his career, the report said, “The Indian metals magnate will try to convince investors that his vision of the steel industry still has merit, in spite of the battering the sector has received amid the global financial crisis.†He will presents the third-quarter results of ArcelorMittal on Wednesday from the company’s imposing headquarters in the centre of Luxembourg, Mittal will do his best to put a “brave face on a 72 per cent decline in the share price of the world’s biggest steelmaker over the past four months.†Source: http://thepeacetimes.net/2008/11/mittal-poorer-by-50-bn-due-to-decline-in-share-value/