ArcelorMittal Kryviy Rih’s net income doubles yoy in 1H08

ArcelorMittal Kryviy Rih’s (KSTL: BUY) net income surged 2x yoy in 1H08, the Head of the Plant’s Production Department, Volodymyr Sheremet, said yesterday. He did not specify the numbers (the company’s 1H07 net profit totalled USD 380 mln). Eugene Cherviachenko: ArcelorMittal Kryviy Rih’s earnings growth is in line with our forecast. We expect the company’s net income to jump 2.3x yoy to USD 1.7 bln in 2008. We forecast stronger bottom line in 2H08 than in 1H08 for the company mainly thanks to higher steel prices in 3Q08-4Q08 compared to 1Q08-2Q08.