A $500 M steel inventory writedown was the chief cause of the world's largest steel maker recording anet loss of $711 M (?654 M) in the third quarter. The year-ago figure was net earnings of $22 M.ArcelorMittal took exceptional charges of $500 M after revaluing its stock given much lowerinternational steel prices plus $27 M of retrenchment costs in South Africa. EBITDA was $57 pertonne of steel versus $76/t, while group-wide EBITDA was 30.9% down year-on-year at $1.35 bn.
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