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BRUSSELS (Reuters) -ArcelorMittal, the world’s second-largest steelmaker,  reported higher-than-expected third-quarter earnings on Thursday as cost cutting and energy savings offset declining demand.

The Luxembourg-based co*pany said third-quarter core profit (EBITDA), the figure most watched by the market, was $2.7 billion. This was less than half the year-ago figure, but higher than the average forecast in a co*pany poll of $2.34 billion.

ArcelorMittal said it had cut its gas consumption in Europe by 30% in a bid to counter surging energy prices, as a slowdown in economic growth across the globe weakened demand for steel.

Total sales dropped 6% from a year before to $19 billion in the July-September period.

The co*pany said that in the face of weaker demand and higher energy costs, it had cut capacity accordingly, adding that demand should pick-up once industry destocking was co*pleted.

At current spot prices, variable costs per tonne were set to decline in the fourth quarter, but by less than the decline of revenue per tonne, the co*pany said.

(Reporting by Marine Strauss, Bart Meijer and Phil Blenkinsop; Editing by Muralikumar Anantharaman and Janane Venkatraman)