ArcelorMittal SA (ADR)(NYSE:MT) stock dropped -1.76% in today’s pre market session with the price of $5.03. Over the last one month and over the past three months ArcelorMittal shares gained 8.25% and 20.75%, respectively. Furthermore, the stock has gained 21.33% since the start of this year. The company’s shares are trading 0.15% above their 50-day moving average. Additionally, ArcelorMittal, Inc has an RSI of 50.11 and beta of 2.72.
May 6, 2016 ArcelorMittal Europe has announced its results for the first quarter of 2016, reporting a 34% drop in Ebitda to €328m compared with Q4 2015, mainly due to a 7.2% decline in average steel selling prices for the first three months of 2016. Lower prices were however offset in part by higher steel shipment volumes and improved cost performance.
ArcelorMittal Europe reported an operating profit of €77m for the first three months of the year, compared with a €465m operating loss in the previous quarter. The fourth quarter 2015 performance was significantly impacted by impairments and inventory write-downs. Comparing year-on-year, ArcelorMittal Europe reported an operating profit of €281m for the first quarter of 2015.
The Europe segment`s crude steel production for Q1 2016 rose 11.9% to 11.2 million tonnes, compared with the previous three months. Sales also rose, by 0.6% to €6.5bn, driven by a 13.7% increase in demand for flat steel products and an overall 10.3% increase in steel shipments, compared with Q4 2015.
While steel spreads have improved since the start of 2016, price rises are not expected to be visible until the second quarter.
Commenting, Aditya Mittal, CEO ArcelorMittal Europe and CFO ArcelorMittal, said:
“Today we reported a 34% drop in Ebitda, which shows the impact of low steel prices on our business – although we were able to offset some of the effect of low prices thanks to our ongoing focus on cost performance.
Today`s results also reflect improved demand for steel in Europe. Our shipments rose by more than 10% to 10.4 million tonnes in Q1 2016, compared with the final quarter of 2015. This stronger demand has led to a welcome improvement in steel spreads, in recent months – resulting in a tight market, for flat products in particular. However, the market remains highly volatile; we must remain vigilant against steel dumping in Europe, in order to ensure that steel is traded in line with WTO regulations.”
Twitter Inc(NYSE:TWTR) stock on Friday’s pre market session gained 2.41% at price of $14.90. Over the last one month and the previous three months, Twitter Inc’s shares gained 3.34% and ticked down -15.01%, respectively. Additionally, the stock has lost -37.12% since the beginning of 2016. The company’s shares are trading below their 50-day and 200-day moving averages by -5.93% and -31.11%, respectively.
Twitter, Inc. announced May 16, 2016 that the Board of Directors has appointed Debra L. Lee, Chairman and Chief Executive Officer of BET Networks, to serve as a Board member, effective immediately. Ms. Lee will also serve as a member of the Nominating and Corporate Governance Committee and, effective following Twitter’s 2016 Annual Meeting of Stockholders, as chairperson of the committee.
“Twitter has been and continues to be a transformative service for the media landscape and the world,” said Ms. Lee. “I’m excited to help Jack, Omid, and the rest of the Board continue and further that impact in the years to come.”
“Debra’s addition strengthens our Board immensely,” said Omid Kordestani, Twitter’s Executive Chairman. “She’s a highly respected leader in the media industry with decades of experience, and has a clear passion for Twitter as a service and a company.”
Ms. Lee is Chairman and Chief Executive Officer of BET Networks, a media and entertainment subsidiary of Viacom, Inc., and the leading provider of entertainment for the African-American audience and consumers of Black culture globally. She joined BET in 1986 and served in a number of executive positions before becoming Chairman and Chief Executive Officer in January 2006, including President and Chief Executive Officer from June 2005 to January 2006, President and Chief Operating Officer from 1995 to 2005 and also served as Executive Vice President and General Counsel, and Vice President and General Counsel.
Ms. Lee serves on the board of Marriott International, Inc. and WGL Holdings, Inc., an energy company. She also serves on the board of a number of professional and civic organizations, including as Immediate Past Chair of the Advertising Council, as the President of the Alvin Ailey Dance Theater, and as a Trustee Emeritus at Brown University. Ms. Lee holds a B.A. from Brown University, a J.D. from Harvard Law School, and an M.P.P. from Kennedy School of Government at Harvard University.