Arcelor Mittal is to cut steel production by 30% in the fourth quarter - twice the volume previously planned.
The world's largest steelmaker 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 $US3.8 billion.
Shares in the company fell 10% to 22 euros in Paris following the announcement.
The company predicted that global demand for stainless steel would remain unchanged during 2009.
Arcelor Mittal also said that it was aiming to cut its debt by $US10 billion by the end of 2009. The debts stem from the formation of the company in the takeover of Arcelor by Mittal Steel in 2006.
