WORLD number one steelmaker ArcelorMittal reported record second-quarter results, far above expectations on Wednesday as it managed to raise prices and offset raw materialcosts despite economic gloom. In contracts which have been renegotiated and closed, we have achieved significant (price) increases and we expect that trend to continue until the end of the year and in 2009," chief financial officer Adjtya Mittal told a conference call. Mittal said the group's policy of buying mines andincreasing its self-sufficiency in raw materials had also been key to boost-ling profits. ArcelorMittal shares were up 7.9 percent at 57.60 euros at 10?3 GMT having hit 5,7,89 euros earlier, while the DJ Stoxx basic material index was up 3.45 percent. The stock was top gainer in the blue-chip DJ Stoxx 50 index. These new record-high results are far above what could be expected," said BHF Bank analyst Hermann Reith, adding that analysts had underestimated ArcelorMittal's ability to increase the steel prices charged to its customers.
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