Mittal Steel reports Q2 results

Mittal Steel, the world's largest steelmaker, disclosed on Wednesday that its second-quarter operating profit rose nearly 50 percent on the previous quarter. “Looking forward, we expect market conditions to continue to improve, driving further growth in shipments and operating income in the third quarter,” Chairman and Chief Executive Lakshmi Mittal said. Mittal Steel's operating profit rose to $1.52 billion in the three months ended June 30, 2006. Sales amounted to $9.23 billion, an increase of 9.5 percent. Net profit rose 37 percent from the first quarter to $1.02 billion.