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Arrium Ltd Announces Impairment Of Assets And Changes To Steel Businesses

Thursday, 4 Jul 2013 04:07am EDT 

Arrium Ltd announced changes to Steel businesses and announced asset impairments and restructuring charges totalling approximately $480 million (after tax). Last month, Mr Andrew Roberts, Managing Director & CEO confirmed the Company’s focus on cash generation through improved earnings from cost reductions, driving down working capital, as well as divesting non-integrated Steel businesses and properties. The announcement included combining the Company’s Steel Manufacturing and Distribution businesses to form a single Steel business. Arrium also expects to record an impairment charge of approximately $100 million to intangible and other assets in the Steel business as a consequence of impairment testing process. 

Company Quote

28 Nov 2014