Weak European demand forces ArcelorMittal writedown

ArcelorMittal is to write down the value of its European business by 3.25 billion euros.

The world's biggest steelmaker said demand fell around eight percent in Europe this year and there was no sign of a quick recovery.

It will write down the goodwill - the value of intangible assets like a brand rather than physical assets like machinery - of its European operations by 87 percent.

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