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Mittal earnings to rise through 2008

Mittal Steel, seeking to buy Arcelor expects earnings to climb in the coming two years.

india Updated: Jun 13, 2006 14:08 IST

Mittal Steel, seeking to buy Arcelor in the steel industry's biggest-ever takeover, said it expects earnings to climb in the coming two years.

Earnings before interest, tax, depreciation and amortisation, or Ebitda, will rise to about $7.3 billion this year and $9.9 billion in 2008, from $5.8 billion in 2005, the Rotterdam-based company said on Tuesday.

Mittal, led by billionaire Lakshmi Mittal, is seeking to convince investors to accept his $28.2 billion offer for Luxembourg-based Arcelor.

The purchase would create a company controlling 10 per cent of the world's steel production.