ArcelorMittal

Tata Steel Ltd. (500470.BY) Thursday posted its biggest quarterly loss ever as the company took a large non-cash charge on some assets write-downs, including in its key European market.Tata Steel reported a net loss of 65.29 billion rupees [$1.17 billion] for the January-March period, compared with a profit of 4.33 billion rupees a year earlier. Sales rose 1.0% to 341.80 billion rupees.The company, part of India's salt-to-automobiles Tata Group, said earlier this month that it would write down 83.56 billion rupees [$1.51 billion] because weak market conditions, especially in Europe, have reduced the value of its assets.Tata Steel gets more than half its revenue in Europe. The company says steel demand there has fallen by almost a third since the global financial crisis. It has been struggling to turn around the European unit's operations for the past couple of years, cutting staff and selling a plant in the U.K.Other European steelmakers are also hit as European heavy industry continue...

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