ArcelorMittal writes down Europe business by about $4.3 …

BRUSSELS (Reuters) – ArcelorMittal , the world’s biggest steelmaker, will write down the value of its European business by about $4.3 billion (2.6 billion pounds) as the economic problems on the continent have dampened demand. Europe’s steel industry is struggling with long-term excess production capacity, while the economic downturn has hit demand, and ArcelorMittal has closed blast furnaces in …
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