ArcelorMittal Revenues Leap 43 Percent

Top global steelmaker ArcelorMittal has reported strong quarterly profits, showing a net income of US$1.7 billion from a loss of US$792 million in the same April-to-June quarter last year.

Gross revenues for the quarter jumped 43 percent, from US$15.2 billion to US$21.65 billion.

ArcelorMittal and the entire steel industry has been hard hit by the economic downturn, and the latest quarterly reports reflects a continued slow and progressive recovery, according to a company statement.

While the results marked the fourth quarter running of recovering profits and underlying demand continues to show improvement, a company official said the third quarter will be impacted by a combination of seasonal factors and the effects of the economic slowdown in China.

ArceloMittal Chairman Lakshmi Mittal said he is considering moving the company’s stainless steel activities into a separate business. In the second quarter, this part of the business generated sales of US$1.54 billion.