Although ArcelorMittal announced in January its plans to cut 600 jobs in France, the largest steel company in the world had an annual record profit of 7.5 billion euros in 2007.
ArcelorMittal, the world's largest steel company, reported Wednesday an annual net profit of 10.36 billion dollars (7.5 billion euros) in 2007.
The results represented a 30 percent increase from 2006 when the steelmaker posted a pro forma net profit of 7.9 billion dollars, the company said in a statement.
The 2007 results marked the first full year following the merger of Arcelor and Mittal Steel in June 2006.
"I am very proud of the way the two companies have integrated so successfully, building a steel company which is focused on leading the transformation of our industry towards a sustainable future," said Lakshmi Mittal, president and CEO, in the statement.
"Today’s results clearly demonstrate the considerable progress that we are making in this regard," he said.
Date created : 2008-02-13