Shangai Metals Corp that belongs to the PRC has been laughing at the stupidity of the Mitttals. who though they can curb them . Wall St. lured them on their stupid quest and now theyface the biggest asset impairment charge taht the Steel industry has ever faced.
The write down has yet to come because they will loose face which they consider a bigger evil.
The write down will not affect cash flow but will affect their credit rating even further beyond junk bond status. They can only benefit from the write down if they selll of those assets and accumulate a loss which they can then offset against their future profits.