ArcelorMittal Sales Unexpectedly Jump 43%

Reports $1.7 billion profit in the quarter compared to a $792 million loss in the same period last year

ArcelorMittal, the biggest steelmaker in the world, reported strong quarterly profits on July 28, with a net result of $1.7 billion from a loss of $792 million in the same period last year.

Sales in the quarter jumped by 43% from the equivalent figure last year to $21.65 billion.

ArcelorMittal, in common with other steelmakers, was hard hit by the economic downturn which suddenly put the brakes on what had been insatiable demand for steel, notably from China.

The results marked the fourth quarter running of recovering profits.

But the group said that it expected this rise in activity to slow down in the third quarter.

It also said that it was considering putting its stainless steel activities into a separate business. In the second quarter, this part of the business generated sales of $1.54 billion.

Finance director Aditya Mittal said that the steel market was continuing to recover progressively.

Copyright Agence France-Presse, 2010

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