Areva, the nuclear reactor builder has announced losses of $5.6bn (EUR4.9bn) for 2014.

The French state-owned company continues to feel the impact of declining demand and write-downs and provisions for a delayed nuclear power plant project in Fennoivoima, Finland.
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The European nuclear sector has suffered greatly post-Fukushima and European utilities also cut nuclear plant maintenance spending and offshore wind investment in response to sluggish economic growth in the region. Areva last year had its credit rating cut to non-investment grade by Standard and Poor’s.

The company, which in November abandoned forecasts for 2015 and 2016, said earlier this month that sales last year slumped 8 per cent.

The company also said it may have to cut jobs in France, which accounts for a third of its revenue and more than half of its workforce.

“The group is working on developing a competitiveness plan and a strategic and financial roadmap,” Areva said. It will give an update to investors on March 4.