Arcelor Mittal profits up as demand for steel rises

LONDON - Steel giant Arcelor Mittal has registered a net profit of 1.7 billion dollars, compared with a loss of 792 million dollars in the same period a year earlier and a profit of 679 million dollars in the previous quarter.

Revenue for the period rose by 43 percent, from 15.2 billion dollars to 21.7 billion dollars, the BBC reports.

However, the company said the economic slowdown in China would hit earnings in the next three months.

It also said it was discussing the idea of spinning off its stainless steel business into a separate entity.The improved performance in the second quarter is in line with our expectations and reflects the continued slow and progressive recovery,” said Arcelor Mittal’s chairman Lakshmi Mittal.

Arcelor Mittal is based in Luxembourg and is the world’s largest producer of steel. (ANI)