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ArcelorMittal reports higher Q2 results, to start $2.2 bln share buyback program

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Metal coils are seen at ArcelorMittal's steel plant in Ghent, Belgium, May 22, 2018. REUTERS/Yves Herman

BRUSSELS, July 29 (Reuters) - ArcelorMittal, the world’s largest steelmaker, reported on Thursday higher than expected second quarter earnings and said it would start a new $2.2 bln share buy-back program.

The Luxembourg-based company said second-quarter core profit (EBITDA), the figure most watched by the market, was $5.1 billion, almost seven times higher than the year-ago figure of $0.7 bln and far higher than the average forecast in a company poll of $4.67 billion.

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Reporting by Marine Strauss @StraussMarine; Editing by Clarence Fernandez

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