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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
06/19/201506:14:02Best Stocks to Invest in Steel
06/17/201517:15:11U.S. Steel Firms Scrap Old Methods to Compete
06/03/201521:40:12U.S. Steelmakers Seek Punitive Tariffs on Imports
06/03/201517:18:49U.S. Steelmakers Seek Antidumping Action on China, Others...
06/03/201514:41:13U.S. Steelmakers Seek Antidumping Action on China, Others...
06/03/201514:31:47U.S. Steelmakers Seek Antidumping Action Against China, Other...
06/03/201510:51:55Report of Foreign Issuer (6-k)
06/01/201516:45:46Report of Foreign Issuer (6-k)
05/29/201514:30:58Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
05/29/201506:04:04Report of Foreign Issuer (6-k)
05/28/201516:15:27Report of Foreign Issuer (6-k)
05/28/201506:04:59Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
05/28/201506:04:59Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
05/27/201507:21:40Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
05/27/201506:19:01Report of Foreign Issuer (6-k)
05/22/201511:08:43Report of Foreign Issuer (6-k)
05/22/201509:47:23ArcelorMittal, SAIL Enter Pact to Form Autos Steel JV in India...
05/22/201509:29:12ArcelorMittal, SAIL Enter Pact to Form Autos Steel JV in India
05/20/201517:04:56Specialized Disclosure Report (sd)
05/11/201511:40:05ArcelorMittal Issues Warning as Loss Widens

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