Mittal Steel Reports Strong 2004 Results, Sees Stable Demand In 2005

Mittal Steel Company NV reported a sharp improvement in adjusted 2004 results Thursday reflecting strong demand for its products and higher selling prices and said it expected stable demand for this year. Adjusted 2004 revenues, excluding International Steel Group Inc. (ISG) came to $22.2 billion from $9.6 billion in 2003. Shipments were up 53% at 42.1 million tons. Operating income on a comparable basis was $6.1 billion, with operating margin amounting to 27.7%. Adjusted net profit amounted to $4.7 billion or $7.31 a share, up from $1.2 billion or $1.83 per share in 2003.

For this year, Mittal Steel said it expected steel shipments to increase to around 62 million tons, with the operating income per ton at a similar level to 2004 amid stable demand for its products across all geographical regions. The company also expects its acquisition of ISG to be completed in the first quarter of 2005. Mittal Steel was formed by the merger of Ispat International NV and LNM Holdings NV. The combined entity is taking over ISG, after which it will be the largest steel group in the world.

Copyright Agence France-Presse, 2005

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