US GDP growth slows to 1.6 pc in third quarter
Washington: US economic 3rd quarter growth slowed down to its weakest pace in more than three years, mostly due to a slumping housing sector the Commerce Department reported on Friday.

Gross domestic product, which calculates total economic activity within the US, expanded at a 1.6 pc annual rate during the third quarter, down from 2.6 pc in the second quarter for the slowest advance since 1.2 pc in the first quarter of 2003. The most striking aspect was a 17.4 pc annual rate of contraction in spending on new housing - the biggest decline in 15-1/2 years since a 21.7 pc drop in the first quarter of 1991.

Business spending on inventories increased only at a $50.7 billion rate, slowing from $53.7 billion in the second quarter, and the volume of imported goods accelerated sharply to a 7.8 pc annual rate of increase in the third quarter, more than three times the second quarter's 1.4 pc increase.
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Arcelor Mittal acquires 40 pc equity stake in US firm
Brussels: Arcelor Mittal SA is planning to acquire a 40 pc stake in US laser welding company Noble International, which makes that makes steel for the auto industry, for $300 million.

Arcelor Mittal Steel would become Noble's largest stockholder when the deal was complete. The company said this would strengthen the company's position with the global car industry. The transaction will combine Arcelor's laser-welded tailored blank business TBA - the largest in Europe - with Noble, North America's largest producer of laser-welded steel products.

Mittal has significant US operations through its earlier acquisition of International Steel Group.

Combining expected results for this year, the combined Arcelor-Noble business would have a revenue of $1.1 billion and earnings before interest, taxes, depreciation and amortization, or EBITDA, of $122 million.
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