The world's largest steelmaker Luxembourg-based ArcelorMittal has announced its financial results for the second quarter of 2011. Its net profit decreased by 10 percent year on year to $1.5 billion in the second quarter of the current year.
In the second quarter, ArcelorMittal's sales increased to $25.1 billion, up from $20.2 billion in the same quarter of 2010 and from $22.2 billion in the first quarter of 2011.
ArcelorMittal's crude steel production rose to 24.4 million mt in the second quarter, up by 0.4 percent, while its iron ore production increased by 2.3 percent, both year on year.
For the second half of 2011, ArcelorMittal estimates that raw material costs will continue to increase. Steel shipments are also expected to increase due to the recovery in demand.