Luxembourg - ArcelorMittal SA's shares sank more than 9 per cent 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 per cent in Europe, the Luxembourg-based company said.

However, third-quarter net profit rose 29 per cent to 3.82 billion dollars from 2.96 billion dollars in the same period last year following a 38-per-cent 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." (dpa)