Arcelor, Mittal report profits drag but see shining future
Afp, Paris
Mittal Steel and Arcelor reported flat to weak interim profits on Wednesday but were robustly optimistic about their controversial merger creating by far the biggest steel producer in the world. Presenting second-quarter results, Mittal Steel reported a steady performance but Arcelor reported a 35.0-percent slump in net profit. However, Mittal chairman Lakshmi Mittal said in a joint statement: "We are very excited about the prospects for the combination, against the backdrop of a robust market environment." Arcelor said it saw a "sustained demand for steel" and "rising steel selling prices". The companies said: "Market conditions are expected to remain favourable." The six-month battle by Mittal Steel to win Arcelor, a group formed of former European state-owned groups, ended a week ago with an announcement that 92.0 percent of Arcelor shareholders had accepted the offer. Remaining shareholders have until August 17 to tender their shares.
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