..... Steel demand in Europe had fallen 8 per cent this year, it said, bringing the cumulative decline since 2007 to 29 per cent. Europe accounted for almost half of ArcelorMittal’s total steel output last year. “This weaker demand environment, and expectations that it will persist over the near and medium term, led to a downward revision of cash flow expectations underlying the valuation of the European businesses,” said ArcelorMittal. In the first nine months of this year, ArcelorMittal’s main European plants accounted for a cumulative operating loss of $823m. Shares in ArcelorMittal fell 2.5 per cent to €12.87 in late trade on Friday. They have fallen 6 per cent over the past year but were worth more than €60 in 2008 before the downturn in the steel sector. FT 21.12.12 - http://www.ft.com/cms/s/0/38cf37d6-4b47-11e2-88b5-00144feab49a.html#axzz2Fp3CHCvm