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Arrium to book $320m write-off amid iron ore pain, flags asset sales
2015-06-15 11:34:14| Industrial Machines - Topix.net
Arrium boss Andrew Roberts declared the indebted steel and mining group "certainly has a future" after the company said it expects to book a $320 million write-down due to the falling iron ore price and announced a review to consider asset sales and debt restructuring. In January, Arrium announced more than 500 job losses and $1.3 billion in write-downs associated with shutting its high cost Southern Iron mining operation in South Australia to stem losses caused by the collapse in iron ore prices.
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Category:Industrial Goods and Services