ArcelorMittal Q1 profit up nearly 10%

BRUSSELS: ArcelorMittal SA, the world's largest steelmaker, says its profit has climbed nearly 10 percent in the first quarter to US$2.37 billion (euro1.53 billion) as strong worldwide demand allowed it to raise prices.

Chief Executive Lakshmi Mittal says demand is weathering global uncertainties thanks to the continued industrialization of a number of key emerging economies.

The earnings report released Wednesday show the steelmaker posted sales in the first three months of the year of US$29.8 billion (euro19.26 billion), a 22-percent increase from US$24.47 billion a year ago.

Mittal said the company has now managed to capture US$1.6 billion (euro1.03 billion) in merger savings, a year earlier than planned. ArcelorMittal emerged in 2006 out of a bitter takeover battle by Mittal Steel Co. for Arcelor SA.