* ArcelorMittal fine cut to 45.7 mln euros from 230.4 mln
* ArcelorMittal subsidiaries could not pay fines
* Second time EU Commission has reduced ArcelorMittal fine
* Ori Martin/Siderurgica Latina Martin fine cut to 15.9 mln
* Total cartel fine cut to 269 million euros from 458 mln
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BRUSSELS, April 4 (Reuters) - EU regulators cut 80 percent off a fine imposed on ArcelorMittal for taking part in a steel cartel because subsidiaries of the Luxembourg-based steelmaker could not pay their penalties.
The European Commission said on Monday it was cutting the fine, handed down last year, to 45.7 million euros ($65 million) from 230 million.
"This was not an error. The Commission reduced the fine because the subsidiaries could not pay it and ArcelorMittal refused to do it for them," EU Commission spokeswoman Amelia Torres said.
It was the second time the Commission has reduced the fine. In October, the EU watchdog cut an original 276 million euro fine, citing an accounting error.
The Commission also cut the penalty for Ori Martin/Siderugica Latina Martin to 16.0 million euros from 19.8 million. Fines for other companies were unchanged.
The latest reductions meant the total fine for the group of 17 steel producers fell to 269 million euros from 458 million. The Commission charged the group last year of operating a cartel for 18 years, from 1984 to 2002, in 24 EU countries. (Reporting by Foo Yun Chee; Editing by Dan Lalor) ($1 = 0.7031 euro)