ArcelorMittal surprises with 31% profit surge, sees more

0 Comments | AFP, July, 2008

PARIS (AFP) — ArcelorMittal, the biggest steel group in the world, reported a 31-percent leap in net profit to 8.2 billion dollars (5.3 billion euros) on Wednesday and said it expected even stronger trends in the third quarter.

ArcelorMittal 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 percent to 5.8 billion dollars.

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

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

Sales in the first half...