ArcelorMittal Q2 net income dips 10% to $1.5 bn

ArcelorMittal today reported a 10% dip in net income for the second quarter ended June 30, 2011, to $1.535 billion.

The company had reported a net income of $1.706 billion for the corresponding quarter last year, it said in a statement.

Total sales of the company grew to $25.126 billion in the reporting period from $20.154 billion in the April-June period last fiscal.

"As expected, the company has delivered a strong performance in the second quarter of 2011, underpinned by higher steel selling prices," ArcelorMittal Chairman and CEO Lakshmi N Mittal said.

During the March quarter, the company had clocked a net income of $1.069 billion from total sales of $22.184 billion.

Total steel shipments for the three months ended June 30, 2011, stood at 22.2 million tonne, compared to 22.3 million tonne in the corresponding quarter last year.

The company has increased its 2011 capex target by 10% from $5 billion to $5.5 billion "due to recently announced investments".