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ArcelorMittal Surprises With 31% Profit Surge

High prices and strong demand drive gains

ArcelorMittal reported on July 30 a 31% leap in net profit to $8.2 billion and said it expected even stronger trends in the third quarter.

ArcelorMittal, the biggest steel group in the world, said that the figures, well ahead of targets, were driven by a rise in its steep prices and strong demand from emerging countries.

In the second quarter alone, net profit rose by 114% to $5.8 billion.

First-half profit before earnings, interest, tax, depreciation and amortization rose by 35% from the equivalent figure last year to $13.09 billion.

The figure for the second quarter was $8.04 billion compared with a forecast of $6.5 billion.

Sales in the first half rose by 31% to $67.6 billion.

Copyright Agence France-Presse, 2008

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