Friday, October 17, 2008

News: Corus reduce steel production for three months


Corus has decided to reduce its crude steel production at their main European sites, including Rotherham, over the next three months by up to 20%, around 1 million metric tonnes. The decision is aimed at aligning steel production with demand, which is now affected by the consequences of the global financial crisis. "We are taking appropriate steps to optimise our operations and protect our sound financial position over the next few months," said Philippe Varin, Corus CEO. No change in production from current levels is planned for the operations of Tata Steel Group outside Europe. The Times reports that no job cuts or layoffs are planned among Corus's 24,400 British workforce, nor among its 11,700 workers in the Netherlands. Corus UK Ltd also announced that they have signed a contract with the Brazilian mining company, Companhia Vale do Rio Doce (Vale), under which Vale will supply Corus’ plants in Europe with almost 63 million metric tonnes of iron ore over five years. The deal, one of the greatest agreed between a steel company and an iron ore producer, will come into effect in 2009.
Corus website
The Times article


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