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ArcelorMittal earnings shoot up

ArcelorMittal earnings shoot up
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ArcelorMittal has reported record second-quarter results. They are far above expectations as the world’s largest steelmaker managed to raise prices and offset higher raw material costs.

The company said its policy of acquiring mines and boosting its self sufficiency in iron ore and coal was also key to increasing profits.

Before tax earnings were almost 5.2 billion euros, up from a previous record of 3.4 billion euros in the same quarter a year ago.