Income from equity method investments and other income in 1H 2012 was $107 million as compared to $437 million in 1H 2011. Income from equity method investments and other income was lower in 1H 2012 on account of lower income from Chinese investees and the impact of disposals (Erdemir 10 , Enovos 11 and Macarthur Coal).
Net interest expense (including interest expense and interest income) was $917 million for 1H 2012 as compared to $916 million for 1H 2011.
Due to exchange rate effects, foreign exchange and other net financing costs 12 were $394 million for 1H 2012 as compared to costs of $1.1 billion for 1H 2011.
ArcelorMittal recorded an income tax benefit of $409 million for 1H 2012, as compared to an income tax benefit of $105 million for 1H 2011.Loss attributable to non-controlling interests for 1H 2012 was $1 million as compared with gain attributable to non-controlling interests for 1H 2011 of $52 million. Discontinued operations for 1H 2012 was nil as compared to a gain of $461 million for 1H 2011, including $42 million of the post-tax net results contributed by the stainless steel operations prior to the spin-off of the business into Aperam which was completed on January 25, 2011. The balance of $419 million represents a one-time non-cash gain from the recognition through the income statement of gains/losses relating to the demerged assets previously held in equity. Analysis of results for 2Q 2012 versus 1Q 2012 and 2Q 2011 ArcelorMittal recorded net income for 2Q 2012 of $1.0 billion, or $0.62 per share, as compared with net income of $11 million, or $0.01 per share, for 1Q 2012, and net income of $1.5 billion, or $0.99 per share, for 2Q 2011. Total steel shipments for 2Q 2012 were 21.7 million metric tonnes as compared with 22.2 million metric tonnes for 1Q 2012 and 22.2 million metric tonnes for 2Q 2011.