Tata Steel to book $1.6 bln impairment charge

Tata Steel(TISC.NS) said on Monday it will book a $1.6 billion non-cash impairment charge for the financial year that ended March 31 due to weak economic and market conditions in Europe, its main market.

"The above underlying condition is expected to continue over the near and medium term, and has led to the downward revision of cash flow expectations underlying the valuation of the European business," it said in a statement.