ArcelorMittal is exploring a joint venture spinoff of its stainless steel business, worth an estimated $3bn, in a sign that the world’s biggest steelmaker is contemplating scaling back in response to the recession.

Driven on by Lakshmi Mittal, chairman and main owner, the group has expanded strongly in the past decade on the back of a string of acquisitions including the €26.9bn purchase of Arcelor of Luxembourg in 2006.