Share this article

print logo

MITTAL STEEL'S PROFIT DOUBLES

Mittal Steel Co. NV on Tuesday said its first-quarter profit more than doubled but warned of higher costs and lower volumes in the second quarter.

The Rotterdam, Netherlands-based company, which is the world's largest steel maker since completing a series of acquisitions in the last year, said Tuesday it earned $1.1 billion, or $1.78 per share, on revenue of $6.4 billion in the first quarter. In the previous year's first quarter, it earned $539 million, or 83 cents per share.

First-quarter operating income totaled $1.7 billion, up from $799 million in the first quarter of 2004, though unchanged from the fourth quarter of 2004. Steel shipments climbed 3 percent from both the first and final quarters of 2004 to 10.4 million tons.

The latest period's figures don't include results from International Steel Group, a steel maker with operations in Lackawanna, N.Y., that merged with Mittal Steel on April 15.