Companhia Siderurgica de Tubarao - CSTPY - launches ADR program with J.P. Morgan.NEW YORK--(BUSINESS WIRE)--May 11, 1999-- Companhia Siderurgica de Tubarao (CSTPY), the world's largest supplier of steel slabs, announced today the launch of its sponsored over-the-counter ADR ADR - Astra Digital Radio program, and the appointment of J.P. Morgan (JPM JPM J. P. Morgan Chase & Co. (stock symbol) JPM Juan Pablo Montoya (formula 1 driver) JPM Jabatan Perdana Menteri (Malaysia) JPM Journal of Property Management ) as depositary. Each CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. ADR represents one-thousand (1000) preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. that are traded on the Bovespa in Sao Paulo, Brazil. "Our new ADR program will facilitate our efforts to further diversify our shareholder base among U.S. investors," said Antonio Lima Filho, chief financial officer, CST. In the fiscal year ended December 1998, CST's revenues were R$1.007 billion (US$834 million) and net income was R$58 million (US$48 million). In 1998, more than 90% of revenues were generated from dollar-denominated exports which provided CST with a hedge against devaluation devaluation, decreasing the value of one nation's currency relative to gold or the currencies of other nations. It is usually undertaken as a means of correcting a deficit in the balance of payments. of the Real. CST is an integrated steelworks company that uses the continuous casting process for the production of steel slabs. It is the largest supplier of steel slabs to the international market with an approximate 18% share. The company is one of the lowest cost producers of liquid steel in the world. CST is headquartered in Espirito Santo, Brazil. Additional company information is available at www.cst.com.br J.P. Morgan is the world's largest depositary bank based on total dollar trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. and institutional investment. A global banking firm, J.P. Morgan serves clients through an integrated range of advisory, financing, trading, investment management and research capabilities. For more information on CST and other ADRs, visit www.adr.com, J.P. Morgan's central resource for timely worldwide market intelligence and investor information. For information on J.P. Morgan, visit www.jpmorgan.com. Neither this announcement nor the information contained herein constitutes an offer or solicitation by J.P. Morgan for the purchase or sale of any securities nor does it constitute a solicitation to any person in any jurisdiction where solicitation would be unlawful. Information herein is believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. An ADS, or American depositary share American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. , is a U.S. dollar denominated form of equity ownership in a non-U.S. company. It represents a specified number of foreign shares on deposit at a custodian bank in the issuer's home country and carries the corporate and economic rights of the underlying foreign shares. An ADR, or American depositary receipt American Depositary Receipt (ADR) Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. is a certificate evidencing ownership of a certain number of ADS shares. The term ADR is sometimes used to refer to ADS. |
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