ArcelorMittal Europe CEO Retires, Shares Fall 2.5%
MT has more than doubled off its 52-week low of $30.17 on light trading volume (0.2× avg).
Summary
Geert Van Poelvoorde, CEO of ArcelorMittal Europe and a member of the Group Management Committee, is retiring from his executive position at the end of July. He will transition to Chairman of the Board of ArcelorMittal Europe Steel. This leadership change for a key regional division of the global steel producer is material, with shares falling 2.5% following the announcement. This follows a period of active corporate actions including strong Q1 results and ongoing share buyback programs.
At the time of this announcement, MT was trading at $64.83 on NYSE in the Manufacturing sector, with a market capitalization of approximately $49.8B. The 52-week trading range was $30.17 to $72.50. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: BayStreet.