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European downturn hits steelmaker

Photo: Reuters

Photo: Reuters

An employee of ArcelorMittal standing next to burning tyres during the blocking of a company’s unit in Florange, eastern France, earlier this year. 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.

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