The Hindu Business Line : ‘Passion, perseverance the key’

This is how Aditya Mittal, Chief Financial Officer, Arcelor-Mittal, summed up the mantra for corporate managers to make their companies global champions. He was speaking at a recent talk arranged by the Confederation of Indian Industry in Hyderabad.

Managers should be prepared to face real hurdles in creating global champions, but should never shy away from risks, he said. “In January 2006, the risks of an unsolicited bid for Arcelor were too high. We had a Prime Minister immediately go to his Parliament with a plea on the need to stop us. A certain finance minister told me at a breakfast meeting that it was a hostile offer,” Mittal recalled.

The risks can indeed be more frightening. Once, the helicopter in which Mittal - who is also the head of the M&A division of his company - and his team were travelling was forced to land mid-way by an army helicopter with gun-totting soldiers.

“Our pilot quit his job immediately due to fear. However, we went ahead with the deal. We might have lost one breakfast and a good pilot, but pushed the deal to a happy end. What finally pays in business is passion and perseverance,” he asserted.

There are more things to do. In the present-day flat world and with fast-paced mergers and acquisitions, managers should be able to tide over cultural barriers. “You need to embrace other cultures and genuinely respect them. By being open, multi-cultural and tolerant, you can do wonders in business,” he advised.

Arcelor-Mittal has put these principles into practice.

“Before the acquisition of Arcelor, there was a strict taboo on serving and consuming alcohol in our offices. But, for the French, wine is a way of life. We now serve 250 varieties of wine in our cafeterias,” Mittal said.

In the matter of promotions and career progression, merit is what counts. According to Mittal, companies could take corporate social responsibility as an indicator of their commitment to local community welfare.

Be it local business or a global market what matters essentially for corporate executives is to love what they do. “My advice to young managers is very simple — Be passionate and learn to love what you do and success comes by itself,” he said.

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