No turnaround yet for troubled steel baron Lakshmi Mittal whose ArcelorMittal is facing weak demand amid supply glut. After reporting a $3.7 billion net loss in 2012, the world's largest steelmaker raised $4 billion in January share sale in bid to reduce debt, which now stands at $16.2 billion. But it has racked up $1.1 billion in net losses over the last 2 quarters as sales continued to be SLUGGISH. Frustrated by delays in acquiring land and iron ore supplies, he finally scrapped a steel project in eastern India. Mittal put one of 3 houses he owns on London's billionaires' row up for sale. Meanwhile, his son-in-law Amit Bhatia's family has partnered Air Asia's Tony Fernandes and the Tata group, for a new budget airline.