ArcelorMittal said Friday it would ask shareholders for fresh funds, sell assets and slash costs after falling commodity prices pummelled its performance last year, leaving a gaping hole in its accounts. To help fill the shortfall, ArcelorMittal said it would tap into shareholders' pockets via a capital increase of $3 billion by mid-2016, and also sell its stake in Spanish automotive company Gestamp, roughly netting another $1 billion. The company's shares plunged in anticipation of the cash call, dropping by nearly 6 percent on the New York stock market, having earlier posted similar losses on European exchanges.
(Reuters) – Continental Automotive Systems said on Thursday it supplied potentially defective air bag control units to 5 million vehicles used by Honda, Fiat Chrysler, Mercedes-Benz, and three other manufacturers built over a five-year period worldwide, widening an air bag safety crisis.
WASHINGTON/DETROIT (Reuters) – Continental Automotive Systems said on Thursday it supplied potentially defective air bag control units to 5 million vehicles used by Honda, Fiat Chrysler, Mercedes-Benz, and three other manufacturers built over a five-year period worldwide, widening an air bag safety crisis.Continental Automotive, a unit of Germany-based Continental AG , told the U.S. National Highway Traffic Safety Administration that electronic systems built from 2006 through 2010 and used in 5 million vehicles may fail and air bags may not deploy in a crash or may inadvertently deploy without warning. Continental spokeswoman Mary Arraf said the recall involved between 1.5 million and 2 million vehicles in the United States.
DETROIT/WASHINGTON (Reuters) – Honda Motor Co is expanding its recall in North America of late-model vehicles equipped with potentially defective Takata air bags, in a move that could affect around 2.3 million vehicles. The Japanese automaker sent dealers in the United States a letter last Saturday, informing them of its intent to recall about 2 million Honda and Acura vehicles over air bag problems, a Honda dealer said on Wednesday. Automotive News had reported the upcoming recall earlier on Wednesday.
With China's growth slowing, ruthless competition and virtually no brand recognition, French carmaker Renault is banking on SUVs and a Transformers actress as it confronts an uphill struggle to break into the world's biggest car market. Europe's third largest carmaker acknowledged it was coming late to the party when it opened its first factory in China this week — years after Japanese behemoth Toyota and US giant General Motors. "It's a tricky situation for Renault," Jia Xinguang, chief analyst at China Automotive Industry Consulting, told AFP.
Despite a massive snowstorm that blanketed the East Coast, US auto sales looked set to keep up the momentum from a strong 2015, results showed Tuesday. Total adjusted sales were at a seasonally adjusted annual rate of 17.68 million vehicles, Autodata said. "Many brands had their best January sales ever, suggesting the new-car party will continue into the new year," said Karl Brauer, an analyst for Kelley Blue Book.