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ThyssenKrupp takes $4.66B hit in Americas unit

[December 11, 2012]  BERLIN (AP) -- German steelmaker ThyssenKrupp AG says it is taking a euro3.6 billion ($4.66 billion) hit on the value of its Steel Americas unit.

The Essen-based company says the write-down follows a reassessment prompted by efforts to sell the unit's plants in the United States and Brazil. The announcement came as ThyssenKrupp on Monday posted heavy losses for the fiscal year ending Sept. 30. The company says it made a net loss attributable to shareholders of euro4.7 billion and is canceling its dividend for the 2011-2012 period. ThyssenKrupp had recorded a loss of euro1.3 billion for the previous fiscal year. [Associated Press] Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.