Profits dip at steel tycoon’s company

BRITISH-BASED tycoon Lakshmi Mittal announced a dip in profits for the world’s largest steelmaker yesterday after prices softened and raw material costs rose.

Mittal Steel unveiled net income of $1.09 billion (€0.88bn) for the three months to June 30. This compared with $1.15bn (€0.93bn) in the previous quarter and $1.28bn (€1.03bn) a year ago.

Following the €6.5 billion acquisition of ISG in April, the enlarged company - 88% owned by the Mittal family - has steel-making facilities in 14 countries and employs around 180,000 people.