Arrium Says First-Half Loss Widens on Steel Asset Writedowns

Arrium Ltd., Australia's second-
largest steelmaker, reported a wider first-half detriment after
writing down a value of steel resources due to a stronger
Australian dollar and diseased demand.

The net detriment was A$447 million ($461 million) in a six
months finished Dec. 31, compared with a detriment of A$74 million a
year ago, a Sydney-based association pronounced currently in a statement. It
had an underlying distinction of A$51 million, down from A$77 million.
Credit Suisse Group AG foresee A$36 million.

Australian steelmakers have struggled in a past dual years
against reduce steel prices, aloft labor costs and a stronger
local currency. Arrium yesterday promoted Andrew Roberts, 46,
the conduct the mining consumables unit, to attain Geoff Plummer
as arch executive officer.

Roberts, who led acquisitions and expansions

Read full article: http://www.usatoday.com/story/sports/nascar/2013/02/17/daytona-500-qualifying-lineup-2013/1926073/

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Source:
http://www.news.ezonearticle.com/2013/02/18/arrium-says-first-half-loss-widens-on-steel-asset-writedowns/