TOKYO—Honda Motor Co. cut its full-year profit forecast for a second time on Friday as a persistent global shortage of semiconductors forces it to cut vehicle production and rising steel and material prices eat into profit margins. Like other automakers, Honda’s production plans have been hit by the chip shortage, with global output in September falling 30 percent from a year ago, even as demand in key markets, such as China, rebounds from a pandemic slump. “We believed supplies shortages would be limited, but we now see the supply shortage is more serious and will last longer,” executive vice President Seiji Kuraishi said at a press briefing. Honda was also dealing with rises in the cost of materials, including steel, that were difficult to pass on to consumers, he added. Honda’s latest forecast for a operating profit of 660 billion yen ($5.80 billion) for the year to March 31 is …