Europe open: Profits growth at Arcelor disappoints

Yahoo Wednesday 11th May, 2011

news ) 's bourses make modest heady as concerns about Greece's sovereign debt continue to recede, even while the nation's public services are set to be brought to a halt by a national strike. The Paris CAC 40 is up 11 at 4,063 while the Frankfurt DAX is 37 points firmer at 7,538. The Swiss Market index is up 30 at 6.557. The world's largest steel maker, Arcelor Mittal, bashed out net profits of $1.07bn in the first quarter, two-thirds higher than the $640m it made the year before. Revenues rose 27% to $22.2bn. "As anticipated, we have seen a stronger start to the year, with an increase in both shipments and selling prices," reported chief executive Lakshmi Mittal. Europe's largest newspaper publisher Axel Springer had some good news for shareholders as it announced a 6.5% increase in u...

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