ADR Shares End Lower; ArcelorMittal Trades Actively

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05/09/2019 | 11:53 pm
Patrick Thomas

By Patrick Thomas

International stocks trading in New York closed lower on Thursday.

The S&P/BNY Mellon index of American depositary receipts tumbled 0.53% to 139.44. The European index was down 0.32% to 129.67, the Asian index declined 0.73% to 163.37, the Latin American index decreased 1.29% to 230.58 and the emerging markets index fell 0.84% to 304.26.

ArcelorMittal SA and Conginental AG (CTTAY) were among those ADRs that traded most actively.

Shares of the Luxembourg-based steelmaker ArcelorMittal fell about 3.5% to $18.88. The company said Thursday that its first-quarter earnings were due to a sharp decline in global steel prices, a trend that was particularly pronounced in Europe, where a series of tariffs have failed to stem the flow of cheap imports. "We continue to face a challenge from high levels of imports, particularly in Europe, where safeguard measures introduced by the European Commission have not been fully effective," Chief Executive Lakshmi Mittal said.

Shares of Congenital fell 4% to $15.32. On Thursday, the German auto-parts supplier said net profit fell more than 20% in the first quarter, while earnings for its automotive business dropped 37%, dragged down by a sluggish global car market.

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