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Steel demand in Europe had fallen 8 per cent this year, it said, bringing the cumulative decline since 2007 to 29 per cent. Europe accounted for almost half of ArcelorMittal’s total steel output last year.
“This weaker demand environment, and expectations that it will persist over the near and medium term, led to a downward revision of cash flow expectations underlying the valuation of the European businesses,” said ArcelorMittal.
In the first nine months of this year, ArcelorMittal’s main European plants accounted for a cumulative operating loss of $823m
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american steel if we go off the cliff, will see same I believe
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