India's Tata Steel has wiped £1bn from the value of its European operations, sparking fresh fears over the future for steel manufacturing jobs in the UK.
The group, which has UK operations at sites including Port Talbot, Rotherham and Scunthorpe, blamed the tough economy in Europe where steel demand has slumped by about a third since the start of the financial crisis.
Unions said the huge writedown will worry its 18,500 staff in the UK who are still reeling from 900 job cuts last year.
Tata, which bought Anglo-Dutch steel giant Corus in 2007 for £6.2bn, has endured a tough time during the downturn as demand from the construction and car-making industries has dived, forcing plant closures and thousands of lay-offs.
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