Friday, November 27, 2009

News: Latest Corus financial results


Tata Steel, the owner of Corus, has posted a loss of 27.07 billion rupees ($584.6 million) in the July-September period, compared with a profit of 47.72 billion rupees a year earlier.

The results were affected by actions taken to restructure the business in Europe and especially in the UK were over 1,000 jobs were placed at risk at Corus sites in Rotherham.

The group also claimed that there was also an impact because of the absence in the UK of government-funded short-time work schemes.

Tata Steel Europe MD & CEO Mr. Kirby Adams said: "We took timely action during the exceptionally difficult first-half trading period, and I am pleased to report that the second half of this financial year will look entirely different.

"Steel demand in Europe and North America started to recover from exceptionally low levels during Q2. While we expect that trend to continue, the recovery remains fragile, particularly in the UK and in construction markets. But we believe that we are now over the worst in Europe and can look forward to a return to positive financial performance."

Recent press reports indicated that around 165 of the jobs at risk in South Yorkshire could be saved following a recent upturn in orders.

Corus website



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