Mittal Steel, whose recent $22.3 billion bid for Arcelor was rejected, has announced a 28.4 per cent drop in annual profits.
The company reported net income of $3.365 billion in 2005, compared with $4.7 billion in 2004, blaming the slide on rising costs and a number of acquisitions and reorganisations.
However, the Anglo-Dutch company showed an upturn in the last quarter of 2005, with net profits rising 36 per cent to $7.05 billion.
Chairman and CEO Lakshmi N. Mittal said that Europe needs a stronger steel sector to compete with
Poll: Should the UK’s railways be renationalised?
I _do_ remember British Rail - and that it was <i>literally</i> a national joke https://youtu.be/zV2lmSDKvO8