ArcelorMittal posts profit amid cost increase
Family-owned steel giant ArcelorMittal has posted a net profit in the third quarter after cost reductions helped offset a drop in revenue.
However, the Luxembourg-based steelmaker warned higher coking-coal prices and falling US steel prices would hamper profitability in the current quarter.
ArcelorMittal also posted a 40% rise in earnings before interest, taxes, depreciation and amortisation to $1.9 billion, despite a 6.8% drop in revenue to $14.5 billion for the quarter.
ArcelorMittal was formed in 2006 after the merger of Mittal Steel and Arcelor.
The company had revenues of almost $63 billion in 2015, compared to $80 billion in 2010. Lakshmi’s daughter Vanisha is also a member of the group’s board.
Henkel beats Q3 expectations
German consumer goods maker Henkel AG & Company, led by the Henkel family since 1876, reported its net income for the third quarter increased by 18.2% to €584 million from €494 million last year.
According to a statement, the $3.6 billion acquisition of US laundry detergent company Sun Products Corp helped boost third-quarter sales.
Henkel chief executive Hans Van Bylen said: "We expect the overall challenging and uncertain market environment to persist in 2016. We will continue to focus on leveraging our successful brands, leading market positions and strong innovation capabilities to achieve our ambitious targets."
The 140-year-old firm, chaired by fifth-gen Simone Bagel-Trah, expected to generate organic sales growth of 2% to 4%.
The group concluded that slowing growth in China was worse than expected where organic sales only increased by 0.4%. Its 2015 revenues were €18 billion ($20.35 billion).
Berkshire Hathaway shares surge on Trump election
Shares in US holding company Berkshire Hathaway have closed at an all time high, thanks to a stock rally fuelled by Donald Trump’s election.
Berkshire’s billionaire chairman Warren Buffet opposed Trump’s candidacy and is yet to comment on the outcome.
Berkshire’s Class A shares ended the day at a record $233,721 on 11 November, as stocks of big banks and industrial companies rose following Trump’s win.
Buffett’s son, Howard, sits on the corporate boards of Berkshire Hathaway, which last year had revenues of $210 billion.