Ispat Intl Operating Net Up 72%

The L N Mittal-promoted Ispat International NV has posted a 72 per cent growth in its operating profit in the second quarter of 1998 to $98 million. The consolidated net sales during the period stood at $692 million, recording a growth of 33 per cent. The company has also substantially increased shipment volumes as compared to the second quarter of 1997.

According to a company release, total steel shipments in the second quarter increased by 30 per cent to 2.3 million tonne from 1.8 million tonne in the corresponding quarter of 1997.

During the period under review, Ispat Germany (Ruhrot) has successfully completed the 1.3 million tonne continuos billet caster ahead of schedule and under budget. The work on the rolling mill upgrade is progressing well and is expected to be completed within the 4th quarter.

 

The company has chalked out a capital expenditure plan of about $ 460 million for the year 1998.

After closing the Inland Steel transaction, Ispat International announced the approval for conversion of the #1 slab caster at Inland's Indiana harbour works. This capital upgrade will enhance Inland Steel's yield of prime flat rolled products from raw steel and improve delivery.