Mittal's Q1 profits rise 28.8pc
Afp, Paris
Arcelor Mittal, the world's biggest steel producer, raised net profits by 28.8 percent in the first quarter to 1.717 billion euros (2.35 billion dollars) on strong fundmentals in the steel market. Underlying earnings rose by 20.8 percent to 3.316 billion euros, exceeding the company's own forecast of 4.0-4.2 billion euros. Group chairman Lakshmi Mittal said the results showed the strength of the group's business model and strong overall demand for steel. The group said it expected to raise underlying profit as measured by earnings before interest tax, depreciation and amortisation even further. Lakshmi Mittal said the group aimed to improve its performance in the rolled steel sector in the Americas and in long steel products in the Asia-Africa region.
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