Tata Steel announces $1.6 billion writedown of European assets
May 14 , 2013
India's Tata Steel announced a $1.6 billion writedown on the value of its ailing European division on Monday.
Tata, one of the world’s biggest steelmakers, paid $13.7 billion for Anglo-Dutch steelmaker Corus in 2008.
The firm cited weaker European markets as the reason for its decision.
In a statement, Tata said it expected difficult trading conditions to "continue over the near and medium term".
Earlier this year, Tata Steel's European operations reported a $76.5 million loss.
Tata Steel is part of the diversified Tata Group, with interests ranging from tea and hospitality to cars, including Jaguar Land Rover.