The steel baron slips from the second spot after seven years though his ArcelorMittal, the world's biggest steelmaker, is doing somewhat better. It reported a $52 million profit for the June quarter, its first since 2012 amid recovering demand in Europe and North America. To pare its $17.4 billion debt, it is selling a 50 percent stake in a Kentucky steel plant that it owns with Brazil's Gerdau to Nucor for $770 million. But Mittal hasn't given up on new investments: ArcelorMittal, along with Japan's Nippon Steel & Sumitomo Metal Corporation, bought a steel plant in Alabama from ThyssenKrupp for $1.55 billion. He's also reportedly bidding against the Jindal family (ranked 12) for Italy's largest steel plant.