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ArcelorMittal to write down Europe operations

Keywords: Tags  ArcelorMittal, European operations, steel production, financial results, steelmaking, steel demand, steel prices, Chris Prentice

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 company said.

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