By IANS,
London : Lakshmi Niwas Mittal, chairman and CEO of ArcelorMittal, said Thursday he expects the world’s largest steelmaker to increase profits this year despite the global economic downturn.
“Despite the current financial crisis, the Chinese economic slowdown and the strong destocking taking place on steel markets, we are pleased to expect profitability improvement in the second half of this year,” Mittal said.
In a statement issued to shareholders ahead of a meeting with investors Thursday ArcelorMittal reaffirmed third quarter EBITDA (earnings before interest, tax, depreciation and amortisation) guidance in excess of $8.5 billion.
The company, which produces 10 percent of the world’s steel, also announced that it expects EBITDA as well as cash flow from operations to be higher in the second half of 2008 compared to the record first half of 2008.
Shares in the Luxembourg-based steel giant soared 10 percent Thursday after it confirmed the H2 guidance.