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.