Record profits for Arcelor

Arcelor SA, the world’s biggest steelmaker, posted a record quarterly profit and said second- quarter earnings will rise further as steel prices stay close to nine-year highs and demand increases. First-quarter net income jumped 22% to EUR 234 million, or 49 cents a share, from 192 million euros, or 40 cents, a year earlier, Arcelor said. Sales were little changed at EUR 6.9 billion. Luxembourg-based Arcelor boosted prices for flat carbon steel, used to make cars and appliances, by 7% in January and 8% last month. Arcelor and European competitors such as ThyssenKrupp AG and Corus Group Plc want to raise steel prices again next quarter to cover the costs of iron ore and coking coal, which have jumped about a fifth this year

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