Arcelor releases net profit for H1

Arcelor releases net profit for H1

Arcelor released its financial results for the first six months of 2003. The company reported its net profit as €358 million (approx. $390 million) with a 248% increase compared to €103 milllion recorded in the same period last year. Sales decreased by 0.8% to €13.7 billion. Gross operating profit amounted to €881 million, up by 44.8% due to increased flat carbon steel prices. However, company's net profit dropped to €166 million in the second quarter from €192 million reported in the first quarter of 2003. Company officials expressed that second quarter results impacted by significant reduction of shipments to general industry, renovation of blast furnace at Gijon, Spain and Ghent, Belgium, weaker demand in longs and higher scrap prices.