Lakshmi Mittal is eager to expand the firm's foothold in China

The results - in line with analysts' expectations - are the first full-year figures since the merger of Arcelor and Mittal Steel in June 2006.

The firm had predicted robust global steel markets would boost its results.

Chief executive Lakshmi Mittal said the company was "focused on leading the transformation of our industry towards a sustainable future".

Late last year Arcelor Mittal agreed a deal with controlling shareholders in China Oriental to allow it to eventually raise its stake in the Chinese firm to 73.13%.

Arcelor Mittal is eager to increase its exposure to China, the world's biggest producer and consumer of steel.

Mittal bought Arcelor in 2006, creating a firm with 10% of the world's steel market.

The global market for steel has been growing, with especially strong demand from developing countries such as China as they embark on large industrial and building works.