Arcelor Mittal to cut jobs

Steel giant Arcelor Mittal could layoff 16% of its U.S. work force as demand for steel lowered in key automotive, construction and retail appliance industries.It is expected that the company is targeting to cut 2,444 of its employees from January onwards, making it the largest single layoff of steelworkers in the U.S. in view of prevailing global turmoil.The current move comes as part of a 35% drop in the company's temporary global output and its earlier announced plan to reduce production in North America by 40%.