ArcelorMittal steelmaker cuts losses

PARIS: Top global steelmaker ArcelorMittal said Friday it had narrowed its first-quarter losses and saw a more upbeat period ahead but warned the market remained “fragile” due to excess capacity in China.

The company, which like other steelmakers has been hit by falling iron ore prices and cheap Chinese steel imports, said it was sticking to its full-year target for core profit.

Lakshmi Mittal, ArcelorMittal chairman and chief executive, said the results for January to March “reflect the very tough operating conditions in the second half of 2015”.

“Since that time we have seen a recovery in spreads in our core markets to more sustainable levels, which is expected to result in improved results in the coming quarters.”—AFP

Toshiba hires new chief to steer past scandal

TOKYO: Scandal-hit Toshiba on Friday appointed a new president to steer the vast conglomerate past a huge accounting scandal that has hammered its reputation.

Company veteran Satoshi Tsunakawa, 60, a senior vice president who joined Toshiba in 1979, will replace incumbent chief Masashi Muromachi in June, Toshiba said.

Muromachi became interim president in July last year after top executives resigned over the scandal.

The company on Friday also named a new chairman, saying that new leadership was crucial as Toshiba restructures its business.—AFP

Square sinks as earnings disappoint

SAN FRANCISCO: Shares in online payments firm Square took a pounding Friday after the group led by Twitter co-founder Jack Dorsey reported earnings that fell short of investor expectations.

In late morning trade on Wall Street, Square was down 19 per cent at $10.47.

The San Francisco-based firm which produces hardware and software for merchant and person-to-person payments on Thursday reported a loss for the first quarter of $96.8 million, more than double the deficit from a year ago.

Revenues rose to $380m from $251m in the same period last year.

Published in Dawn, May 7th, 2016