September 08, 2008

ArcelorMittal Q1 net up by 5% to USD 2.4 billion

World’s largest steel company ArcelorMittal has announced results for the three months ended March 31st 2008.

Q108 highlights
1. Shipments of 29.2 million tonnes up by 8% YoY
2. Sales of USD 29.8 billion up by 22% YoY
3. EBITDA of USD 5.0 billion up by 16% YoY
4. Net income of USD 2.4 billion up by 5% YoY
5. Merger synergies run rate of USD 1.6 billion achieved by end of quarter
6. Three dimensional growth strategy advancing with
A. Transactions announced or completed in Argentina, Brazil, China, Costa Rica, Egypt and Venezuela
B. Development of product diversification, with transactions in pipes and tubes and wire businesses
C. Enhancement in value chain, with progress in both mining activities and distribution. New mining initiatives announced or completed in Russia, Mozambique and South Africa

Mr LN Mittal chairman and CEO of ArcelorMittal said that “ArcelorMittal has again delivered a strong set of numbers for the quarter, with EBITDA of USD 5 billion.”

He added that “We have also now fully captured the USD 1.6 billion of synergies that we announced we expected from our successful merger with Arcelor.”