ArcelorMittal slashes steel production

LUXEMBOURG: ArcelorMittal SA's shares sank more than nine percent Wednesday after the world's biggest steelmaker said it was cutting production in the wake of slowing global demand.
 
Worldwide production is to fall about 30 percent in Europe, the Luxembourg-based company said.
 
However, third-quarter net profit rose 29 percent to $3.82 billion from $2.96 billion in the same period last year following a 38-percent jump in sales to $35.2 billion dollars.
 
In a statement, ArcelorMittal chief Lakshmi Mittal said, "We remain optimistic about the industry's medium-term growth prospects, but it is appropriate to pause our growth strategy until we have a more settled economic outlook."