BRUSSELS, Belgium (AP) -- ArcelorMittal SA, the world's largest steelmaker, said Thursday it expects profit and cash flow to rise in the final six months of 2008 despite a slowing economy.
The company said EBITDA -- earnings before interest, tax, depreciation and amortization -- will exceed $8.5 billion in the third quarter, and both EBITDA and cash flow during the second half of 2008 will be higher than in the first half of the year.
"Despite the current financial crisis, the Chinese economic slowdown and the strong destocking taking place on steel markets, we are pleased to expect profitability improvement in the second half of this year," said ArcelorMittal Chairman and CEO Lakshmi Mittal in a statement.
The Luxembourg-based company produces about 10 percent of the world's steel. It has largely shielded itself from the rising prices of the key ingredients iron ore and coal by securing its own sources.
