Steelmaker Corus cuts 3,500 jobs, extends outages

Steelmaker Corus cuts 3,500 jobs, extends outages

LONDON: Corus, Europe's second biggest steelmaker, is cutting 3,500 jobs worldwide, mostly in Britain, as it restructures to battle a global
downturn in demand from automotive and construction industries. The Anglo-Dutch steel group, owned by India's Tata Steel, also said its order book was down more than a third and it was to extend production cuts. "The blast furnaces will be idled until into the second quarter of this year. It could be more... This will depend on the market. We're at a very low level of demand," chief executive Philippe Varin told reporters on Monday. Corus wants to achieve the job losses, equivalent to 8.3 per cent of its workforce, through voluntary redundancies. It is cutting 2,500 jobs in Britain as part of its plan to counter the downturn in the car and construction industries, which make up 50 percent of it sales, and boost annual operating profit by 200 million pounds ($276 million).