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Dec 22, 2012
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ArcelorMittal reports $4.3-bn write-down of Europe units
ArcelorMittal, the world’s biggest steelmaker, will write down the goodwill in its European businesses by about $4.3 billion as the region’s weakening economy erodes demand and leaves producers with excess capacity.
The writedown will take the form of a non-cash impairment charge recorded in the fourth quarter of 2012, the Luxembourg- based company said today in a statement. Steel consumption in Europe has dropped by about 8 per cent this year, it said.
Source -
http://www.business-standard.com
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