Lakshmi Mittal, CEO of ArcelorMittal, has netted almost $2 billion as the steel giant announced record results in its first full year as a joint company. Net income soared 30% to $10.5 billion and sales grew to $105 billion – up from $88 billion the previous year.
The firm also announced that $4.4 billion would be returned to shareholders and with a 43% stake in the company, Mittal is set to earn $1.9 billion.
“2007 has been a truly excellent year for ArcelorMittal,” said Mittal. “This reflects the strength of the ArcelorMittal business model, which enables us to benefit from a healthy global demand for steel in both the high-quality developed and fast-growth developing economies.
The firm made 35 acquisitions last year and 2007 was the first full year following the merger of Arcelor and Mittal Steel to create the world’s leading steel company.
“I am very proud of the way the two companies have integrated so successfully, building a steel company which is focused on leading the transformation of our industry towards a sustainable future,” said Mittal.