Mittal sees cost challenges ahead as quarterly net income takes a hit

Nov 09, 2005 | 07:55 AM |

Mittal Steel Co. NV, Rotterdam, posted a 64.1-percent year-on-year decline in third-quarter net income to $478 million, roughly in line with market expectations following a difficult period for the steel industry. The company cited higher costs and falling sales prices.

Revenue in the third quarter rose 12 percent to nearly $7.1 billion from the year-earlier quarter but was 7.3 percent lower than second-quarter revenue of $7.6 billion, which was the first quarter to incorporate the results of International Steel Group Inc.....

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