Steel billionaire Lakshmi Mittal has announced his decision to move from the United Kingdom, where he spent nearly 30 years, to the United Arab Emirates due to the government's tightening of tax regulations. Mittal, who once topped the Sunday Times Rich List, now plans to move to more tax-friendly countries such as the United Arab Emirates, Switzerland and Italy. The decision follows the government's tightening of foreign residency status, which previously exempted him from paying taxes on his foreign income.
Mittal, the former CEO of ArcelorMittal, one of the world's largest steel companies, handed over his position to his son Aditya Mittal, but he remains chairman of the board and his family holds a 40% stake in the company. ArcelorMittal continues to operate in many sectors, including steel production, logistics and maritime transportation. The company has previously discussed the decision to leave the UK and emphasized that the government's industrial strategy does not provide sufficient support to the steel industry's supply chain.
Following Lakshmi Mittal's decision to relocate to the United Arab Emirates, the question of whether the company will leave the United Kingdom completely has come to the fore again.
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