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ArcelorMittal 2Q Profit Doubles
Jul 31, 2008
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ArcelorMittal SA, the world's largest steelmaker, said its 2Q 2008 profit more than doubled as it increased steel prices to defray higher costs for energy and iron ore. Profit rose to US$5.8 billion in the three months ended June 30 from $2.7 billion a year ago. Revenue was up more than a third to $37.8 billion from $27.2 billion a year ago despite only a slight increase in steel shipments worldwide.

Demand for the steel used for construct buildings and to produce cars and appliances continued to surge in Asia, Russia and the Middle East, and to grow strongly in Europe, more than compensating for lower sales — but higher prices — in the United States.

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