Mittal Steel posts record results for 2004

Mittal Steel posts record results for 2004

Mittal Steel Company N.V posted record financial results for 2004, increasing year-on-year revenue 132% to $22.2 billion. The company's operating income and net income increased 373% and 298% to $6.1 billion and to 4.7 billion, respectively. Total shipments amounted to 42.1 million tons, up 53% against the 2003 fiscal year. These results exclude the merger with International Steel Group (ISG), which is expected to be completed in the first quarter of 2005. On a pro-forma basis, Mittal Steel Company, including ISG, achieved shipments of 57.6 million tons, sales of $31.2 billion, operating income of $7 billion and net income of $5.7 billion. Mittal officials indicated that the company's extraordinary financial performance was due to strong demand and higher prices. The officials also announced that they expect demand to remain steady throughout 2005.