BERLIN (AP) -- German steelmaker ThyssenKrupp AG says it is taking a EUR3.6 billion ($4.66 billion) hit on the value of its Steel Americas unit.
The Essen-based company says the writedown follows a reassessment prompted by efforts to sell the unit's plants in the United States and Brazil.
The announcement came as ThyssenKrupp on Monday posted heavy losses for the fiscal year ending Sept. 30.
The company says it made a net loss attributable to shareholders of EUR4.7 billion and is cancelling its dividend for the 2011-2012 period.
ThyssenKrupp had recorded a loss of EUR1.3 billion for the previous fiscal year.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
"Sulu" weighs in on the actor filling his shoes in the new "Star Trek."
Vegas's Neon Museum offers night tours of nightlife icons.
The Nickelodeon star's antics continue in New York City.
She can sing, but can she act? Jewel takes on a famous role.