Indian steelmaker Tata Steel Limited has announced that it incurred an impairment charge of INR 50 billion ($779 million) for the quarter ended March 31, mainly relating to the Long Products UK business of Tata Steel Europe.
The company said that the impairment also includes a write-down of investments in overseas raw materials projects in Mozambique, Ivory Coast and the Taconite project in Canada, because the economic viability of these projects remains uncertain at the current level of commodity prices.