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Tata Steel says to take $785 mln non-cash writedown in Q4
May 14, 2015 / 12:41 PM / 3 years ago

Tata Steel says to take $785 mln non-cash writedown in Q4

MUMBAI, May 14 (Reuters) - India’s Tata Steel Ltd said on Thursday it expected to take a non-cash writedown of about 50 billion rupees ($785.3 million) in the quarter ended March 31, chiefly relating to its loss-making long products business in the United Kingdom.

The total impairment charge for the year ended March 31 would be around 65 billion rupees ($1.02 billion), Tata Steel said.

Tata Steel said last year it was in talks to sell its long products division, including mills in northern England and Scotland to Geneva-based Klesch Group as it battled weak prices and a tentative recovery in European demand. ($1 = 63.6700 Indian rupees) (Reporting by Aman Shah; Editing by Biju Dwarakanath)

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