Arcelor Mittal Shows Its Mettle With GBP 5.3bn Profit

ARCELOR Mittal, the world’s largest steel company, has reported annual profits of GBP 5.3 billion for 2007.

The results are in line with analysts’ expectations, and are the first full-year figures since the merger of Arcelor and Mittal Steel in June 2006.

The firm had predicted that robust global steel markets would boost its figures. The global market for steel has been growing steadily, with especially strong demand from developing countries such as China, which is currently involved in large industrial and building works.

Analysts claim the scale of growth in China means it is now the world’s biggest producer and consumer of steel, and Arcelor Mittal wants to increase its exposure to that market.

Late last year, Arcelor Mittal agreed a deal with controlling shareholders in China Oriental, raising its stake in the Chinese firm to 73.13 per cent.

Arcelor chief executive Lakshmi Mittal said: “2007 has been a truly excellent year.” He added that the company was “focused on leading the transformation of our industry towards a sustainable future”.

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