The world's largest steelmaker Luxembourg-based ArcelorMittal has announced its financial results for the first half of 2011. Accordingly, ArcelorMittal's sales were $47.3 billion, increasing by 25.8 percent from the same period last year.
In the six months ended June 30, ArcelorMittal's steel shipments were 44.1 million mt, up 1.85 percent, while its crude steel production reached 47.9 million mt, up 2.35 percent, iron ore production totaled 29.5 million mt, down 8.38 percent, and coal production amounted to 4.3 million mt, up 19 percent, all compared to the same period last year.
ArcelorMittal's chairman and CEO Lakshmi N. Mittal commented on the company's financial results, stating, "We have made significant steps towards increasing the proportion of our raw materials that we own and produce ourselves, notably via the Baffinland acquisition and the expansion of our Mont-Wright mining complex and additional construction at Port-Cartier in Canada."