ArcelorMittal, the world's largest integrated metals and mining company, has released its earnings report for the first half of 2008.
According to the report, during the first half of 2008 the net income of ArcelorMittal increased by 65 percent to $8.2 billion, its EBITDA upped by 35 percent to $13.1 billion, while its total sales rose by 31 percent to $67.6 billion, all compared with the same period last year.
The company's capital expenditure in the first half of 2008 is estimated at $2.3 billion.
As regards developments during the period in question, ArcelorMittal has started to implement a global health and safety agreement signed with labour unions to further improve occupational health and safety, has signed agreements to acquire US West Virginia-located metallurgical coal companies Mid Vol Coal Group and Concept Group, has been allocated a mining lease for the Karampada iron ore deposit in Jharkhand, India, has acquired Louisiana-based, structural steel producer Bayou Steel, and has launched a new clean technology venture capital fund.
Commenting on the report, ArcelorMittal Chairman and CEO Mr. Lakshmi N. Mittal said, "We continue to look for opportunities to further enhance our raw material self-sufficiency, with recent investments being announced in Africa, the Americas and Australia. Our financial strength enables us to continue to invest heavily in the development of the business, particularly relating to brownfield growth and improving product quality and mix. This year we expect capital expenditures to reach $7 billion, representing 36 percent EBITDA."