Arcelor plans 30% cut in output

The firm will cut output by 30% in the fourth quarter

Arcelor Mittal, the world's largest steelmaker, is to cut output by 30% in the fourth quarter, twice the reduction previously planned.

The firm is putting growth plans on hold, as the global economic slowdown cuts demand for steel used by the construction and car sectors.

Arcelor Mittal also reported a 29% rise in third-quarter profits to $3.8bn (