Bad News Piles up for ArcelorMittal

The world's top steelmaker, based in Luxembourg, is sharply curbing production as demand from customers dries up

The world's biggest steel maker, ArcelorMittal, shocked the market yesterday when it doubled production cuts and said earnings will drop. The increasingly bleak outlook for manufacturing across the globe as the world's economy veers into recession has taken its toll on demand from Mittal's clients including builders and car makers.

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