BRITAINíS richest man is to pay for an entire American town devastated by Hurricane Katrina to be rebuilt. Lakshmi Mittal, the steel tycoon worth an estimated £14.8 billion, is expected to spend more than £50m over the next five years rebuilding Long Beach in Mississippi.
He will provide the labour, capital and expertise to restore the town, home to 17,000 people, which was wrecked by the hurricane in August.
Insurers are refusing to pay out for flood-damaged homes while government aid is expected to be spent on restoring New Orleans and other large cities ahead of smaller towns. Link