Chief executive Lakshmi Mittal is now also the company's chairman The world's largest steel maker, Arcelor Mittal, is looking to emerging economies for growth as Europe and the US hit economic downturns.
It predicted record results in the coming year from Asia, Africa and the former Soviet states.
Arcelor Mittal reported net profit for the first three months of the year of $2.37bn (£1.22bn), up 5% from the same quarter in 2007.
It also announced price rises in Europe to pass on higher raw material costs.
"Despite global economic uncertainties, we are continuing to see strong demand for steel and a healthy pricing dynamic," said Lakshmi Mittal, the company's chief executive who has now also taken over as chairman.
He added that the company had achieved the $1.6bn of savings that he promised shareholders two years ago when Mittal Steel was in the process of taking over Arcelor.
NEW DELHI: German banking giant Deutsche Bank has approached the government for approval for its investment in Delhi Stock Exchange.
Earlier, media reports had said that Deutsche Bank was looking for a five per cent stake in Delhi Stock Exchange.
The application was made to Foreign Investment Promotion Board last week, according to a FIPB circular.
World's largest steelmaker Arcelor Mittal has also sought FIPB approval through its Indian arm, Arcelor Mittal India Ltd, Ranchi. It was not clear for what purpose Lakshmi Mittal-led steel giant was seeking the approval.
FIPB also received applications from US auto components maker Timken, Hyderabad-based Apollo Health Street, Top Security, Lokmat Newspapers, Prithvi Prakashan.
The board received total 12 applications between May 5-9, it said in its latest weekly statement of fresh applications.
Arcelor Mittal set to raise $3bn
See Arcelor Mittal shares Steelmaker Arcelor Mittal has announced plans to raise $3bn (£1.5bn; 1.9bn euros) through a bond issue.
It will use the funds from selling the bonds to reduce its long-term debt, which has risen to more than $25bn.
The world's largest steelmaker by volume, the firm was created by Mittal Steel's 2006 takeover of Arcelor.
The firm recently reported a 5% rise in first-quarter profits, noting there was still strong global demand for steel despite growing economic uncertainties.
Arcelor Mittal's shares fell nearly 2% in early trading in Paris after the bond issue was announced.
The firm's debt has risen by about $3bn to $25bn so far this year, pushed up by the cost of recent share buybacks, acquisitions and the impact of foreign exchange rates.
Arcelor Mittal is targeting emerging markets for future growth, recently signing deals in Argentina. Brazil, China, Egypt and Venezuela.
The group, led by chief executive Lakshmi Mittal, employs 310,000
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