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ADR Report: Shares Lower On Continued Concerns Over Greece

By Corrie Driebusch Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- International companies trading in New York closed lower Tuesday, as Greece accepted that it must hold new elections after failing to form a coalition government. The Bank of New York index of ADRs fell 1.4% to 116.47 as the concerns over Greece prompted investors to sell European banking shares. National Bank of Greece SA (NBG, ETE.AT) sank 7% to $1.72. Societe Generale SA (SCGLY, GLE.FR) dropped 4.6% to $3.99, Credit Agricole SA (CRARY, ACA.FR) tumbled 7.8% to $1.90 and Banco Santander (STD, SAN.MC) ended 3.5% lower at $5.81. The European index declined 1.5% to 107.26. Germany's two largest steelmakers Tuesday forecast sharp drops in full-year operating profit as a fragile economy continues to weigh on demand and prices for the companies' products. ThyssenKrupp AG (TYEKY, TKA.XE) and Salzgitter AG (SZG.XE) warned the sovereign-debt crisis in the euro zone as well as rising prices for energy and raw materials still pose considerable threats for the global economy. ThyssenKrupp dropped 4.6% to $5.06 and fellow steelmaker ArcelorMittal SA (MT, MT.AE, MT.FR) dropped 4.1% to $14.97. The Asian index fell 1.2% to 117.13. VanceInfo Technologies Inc.'s (VIT) first-quarter profit dropped 52% as the information-technology-services provider's input costs, including higher wages, continued to pressure margins. The increased expenses masked continued growth in demand for the company's outsourcing services, and VanceInfo raised its full-year revenue guidance. VanceInfo's stock ended down 3.9% at $10.49. The Latin American index shed 1.7% to 311.72 while the emerging-markets index ended 1.1% lower at 269.67. Weak first-quarter earnings could be followed by more disappointment in the second quarter for Brazilian airline TAM SA (TAM, TAMM4.BR), UBS said. After falling 22% from a year earlier last quarter, earnings could deteriorate even further in the second quarter as the period is seasonally poor for the sector, the firm said. Shares of TAM tumbled 4.1% to $22.21. -By Corrie Driebusch, Dow Jones Newswires; 212-416-2143; corrie.driebusch@dowjones.com

Stock News for Mittal Steel (MT)
DateTimeHeadline
08/24/201519:48:00ArcelorMittal Finds Unlikely Success in French Rust Belt
08/24/201517:37:00ADRs End Lower; Chinese, Commodities Firms Decline
08/15/201505:59:47Steelworkers to Rally for Wage, Health-Benefit Pacts
08/12/201505:00:06Global Stocks Continue to Fall on China Concerns
08/12/201504:33:07Global Stocks Continue to Fall after Yuan Devaluation
08/11/201518:20:15U.S. Steelmakers Again Ask for Tariffs on Imports
08/11/201517:50:53ADRs End Lower; Miners, Steelmakers Among Decliners
08/11/201512:57:14Global Stocks Fall After Yuan Move -- 7th Update
08/11/201511:40:16Global Stocks Fall After Yuan Move -- 6th Update
08/11/201510:37:16Global Stocks Fall After Yuan Move -- 5th Update
08/11/201509:33:50Global Stocks Fall After Yuan Move -- 4th Update
08/11/201508:14:10Global Stocks Fall After Yuan Move -- 3rd Update
08/06/201519:28:16Steelmakers Try to Stay Out in Front in Auto Industry
08/06/201509:20:00Review on Steel and Iron Industry Stocks -- A.K. Steel Holding...
08/05/201512:45:41Tata Steel Confirms Talks to Sell European Long Products Have...
08/05/201511:58:33Tata Steel Confirms Talks to Sell European Long-Products Have...
08/03/201513:56:18Report of Foreign Issuer (6-k)
07/31/201519:50:39Steelmaker Seeks Cost Cuts
07/31/201514:29:20ArcelorMittal Plans U.S., South Africa Restructuring -- Update
07/31/201512:51:38Report of Foreign Issuer (6-k)

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