ArcelorMittal takes $4.3 billion writedown on weak Europe

BRUSSELS (Reuters) - ArcelorMittal, the world's biggest steelmaker, is to write down the value of its European business by $4.3 billion, underscoring gloom about prospects for the region's recession-hit manufacturers. The group, formed in 2006 when India-born Lakshmi Mittal's steel business bought European peer Arcelor for $33 billion, said on Friday demand had fallen about 8 percent in Europe this year and there was no sign of a quick recovery. ...