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ArcelorMittal to take goodwill impairment charge of USD4.3b  Join our daily free Newsletter

MENAFN - 24/12/2012

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(MENAFN) Luxembourg-based ArcelorMittal stated that it would take a goodwill impairment charge of nearly USD4.3 billion in its fourth-quarter accounts, reported Gulf News.

The company attributed the charge to weaker macroeconomic and market environment in Europe, which reduced demand in the continent by 8 percent in 2012.

The world's biggest steel manufacturer by sales said that the cumulative operating loss of its European plants reached USD823 million in the January-September period.

It added that in 2011, Europe contributed with nearly half of the firm's total steel output.

It is worth noting that ArcelorMittal is led by Indian billionaire Lakshmi Mittal.

 






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