Arcelor Mital with great profit
The shares of Arcelor Mittal, the largest producer of steel in the world, take note seriously slumping today after the company's profits for the second quarter were over the prior expectations. Furthermore, the Executive Director of the company Lakshmi Mital predicts continued growth in the third quarter.
For the first six months of the year the steel producing giant has net income amounted to 8.2 billion dollars, or an increase of 31% on annual basis. As a profit in the second quarter reached $ 5.84 billion, or $ 4.19, to $ 2.72 billion, or $ 1.97 per share, year earlier, reported today by the Luxembourg based company.
Sales increased by 39% on an annual basis, to $ 37.8 billion, since the company expected profits in the third quarter, before tax to reach $ 8.5 billion.
For the first six months of the year the increase in sales amounted to 31%, to $ 67.6 billion, as production increased to 59 million tonnes to 55.7 million tons for the same period in 2007. According to Lakshmi Mital company continues to seek opportunities to further increase its own raw materials, as the prices of the Iron ore rising on world markets. Until 2014 on the company wants to produce itself to 80% of Iron ore, which used to 45% now, as that provided for investment in production and yield of Arcelor Mittal are about $ 7 billion.
Labels: Business News
posted by Zoritza Petrova @ 6:45 AM
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