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ArcelorMittal cuts dividend in wake of US$709 million third-quarter loss

LUXEMBOURG--ArcelorMittal, the world's largest steelmaker, slashed its dividend as it slid into a third-quarter loss on the back of a slowdown in China.

The company reported Wednesday that it made a US$709 million loss during the July-September period in contrast to last year's equivalent profit of US$659 million and the second quarter's profit of US$959 million. It blamed lower economic growth in China, which is now the world's second-largest economy after years of stellar growth.

Arcelor also said it was committed to reducing its debt and increasing its productivity and efficiency. The Luxembourg-based steel and mining giant saw its debt increase by US$1.2 billion during the third quarter, to US$23.2 billion, because of negative operating cash flow.

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