')- Steel giant Arcelor Mittal (Indian born Lakshmi Mittal) Â has reported a big jump in profits between April and June, with sales up as the global economy continues to recover.
- Arcelor Mittal is the largest steel company in the world which has 2, 81,000 employees in more than 60 countries. The company was formed in 2006 by the merger of Arcelor and Mittal Steel. It ranks 99th on the 2010 Fortune Global 500 list.
- Net profit was $1.7bn (£1.1bn), compared with a loss of $792m in the same period a year earlier and a profit of $679m in the previous quarter.
- Revenue for the period rose by 43%, from $15.2bn to $21.7bn.
- However, the company said the economic slowdown in China would hit earnings in the next three months.
- It also said it was discussing the idea of spinning off its stainless steel business into a separate entity.
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Article by seeralan
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