ArcelorMittal a Good Global Steel Play

6/11 - ""Luxembourg-based ArcelorMittal (NYSE: MT) is the only truly global steel manufacturer, operating in 60 countries on five continents," says Gordon Pape.

In his Internet Wealth Builder, he explains, "Like all steel companies, ArcelorMittal would be temporarily affected by a world recession but as a long-term international growth stock for your portfolio, it should be a winner."

"You'd think the company would develop indigestion from all these acquisitions but so far we are not seeing any strong evidence of that. Revenue in 2007 came in at $105.2 billion (figures in U.S. dollars), a 78% increase over the year before...Net income attributable to equity shareholders almost doubled on a year-over-year basis, to close to $10.4 billion compared to just over $5.2 billion in 2006."

"The share price took a dip to the $60 range during the January correction but has been on a steady rise since then. Despite the rise, the shares still appear to be reasonably valued with a trailing 12-month price/earnings ratio of 13.4."