U.S. New home sales dips

WASHINGTON -- The number of buyers snapping up new homes in the United States dipped last month as the effects of a temporary tax credit for first-time owners started to wear off. The 3.6% drop in September's new home sales, reported by the U.S. Commerce Department yesterday, was the first decline since March in a market that had rebounded strongly during the summer. On the positive side, the U.S. government reported orders to U.S. factories for big-ticket manufactured goods rose 1% in September.

STEEL GIANT SEES PROFIT

BRUSSELS, Belgium -- ArcelorMittal SA, the world's largest steel maker, yesterday posted a $903-million US profit in the third quarter, as it saw the first signs of a gradual recovery in demand. Third-quarter profit was down 76% from the same period last year, when the company made $3.82 billion US. Sales were $16.18 billion US, down more than half from $35.19 billion US a year ago.