ArcelorMittal H1'08 net income up 49 pc at USD 8.8 bn

LONDON: Global steel player ArcelorMittal on Monday announced a net income, including minority interest, at USD 8.80 bn for the six months ended June 30, a 48.91 per cent growth over the corresponding period a year ago.

The firm led by India-born billionaire Lakshmi Mittal had a net income, including minority interest, of USD 5.91 bn in the first half ended June 30, 2007, ArcelorMittal said in a statement.

The world's largest steel maker registered sales to the tune of USD 67.65 bn for the half-year ended June 30, 2008, a 31 per cent jump compared to sales in the same period in the previous fiscal.

ArcelorMittal had recorded sales of USD 51.70 bn for the half year ended June 30, 2007.

During the six months ended June 30, 2008, ArcelorMittal repurchased about 22.6 mn shares under its 44 mn shares buy-back programme, at an average price of USD 75.97 per share.

Also in the first half of 2008, the company completed its USD 1 bn share buy-back programme with the purchase of 14.6 mn shares at an average price of USD 68.70 per share.

The firm paid two quarterly dividends of USD 0.375 per share, the statement added.