Agence France-PresseMay 13, 2013 13:30
India's Tata Steel, one of the world's biggest steelmakers, announced a $1.6-billion asset writedown Monday, blaming slumping demand in its main European market.
The company, which had sales of $26 billion in the 2012 financial year, said the writedown was due to "weak economic and market conditions" in Europe that it forecast would continue "over the near- and medium-term".
Tata Steel, which bought Anglo-Dutch steel giant Corus for $13.7 billion in 2007, has been struggling to improve its European unit's performance in the face of the eurozone debt crisis.
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