NEW YORK ArcelorMittal SA
expects to take a $4.3-billion write-down on its European
businesses, the steelmaker and mining company said Friday.
The Luxembourg-based company
will take a non-cash goodwill impairment charge to be recorded
in its fourth-quarter results, it said Friday, citing a weak
macroeconomic and market environment in Europe, where steel
demand has fallen approximately 8 percent this year and 29
percent over the past five years.
ArcelorMittal expects the weaker
demand to "persist over the near and medium term," it said.
The concerns about European
demand come at the same time that the company has seen an
uptick at its operations in the United States, "where apparent
steel consumption is up almost 8 percent this year and now
approximately 10 percent lower than it was in 2007," the