Arcelor-Mittal posts strong Q3 financial results

Arcelor and Mittal Steel announced on Monday, November 6, their combined financial results for the third quarter and for the nine months ended September 30, 2006. According to the company's release, Arcelor-Mittal registered a 75 percent year on year increase in third quarter net income to $2.18 billion. Sales totaled $22.06 billion, showing a 37 percent increased compared to joint sales for the same period of last year. EBITDA accounted for $4.35 billion, while the EBITDA margin equaled 19.7 percent during the period in question. Commenting on the results, Arcelor-Mittal CFO Mr. Aditya Mittal, said, “"I am pleased to report a strong performance in Q3 2006 for Arcelor Mittal, with EBITDA above guidance. The anticipated low seasonal volume was offset by a strong rise in steel prices. Meanwhile integration is progressing well, with expected synergies now validated bottom-up. Looking ahead, we are on track to deliver guidance for the full year." During the January-September 2006 period, Arcelor-Mittal recorded net income at the level of $5.6 billion, sales at $65.4 billion, EBITDA at $ 11.2 billion, while EBITDA margin stood at 17.1 percent. In addition, Arcelor –Mittal BoD has unanimously appointed Mr.Lakshmi Mittal as its new CEO with immediate effect.