Mittal earnings to rise through 2008

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

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.

HT Image

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.