Corus chief resigns over huge losses

The
chief executive of Anglo-Dutch steel giant Corus has resigned after the company
announced losses of £393m.

The
firm said in the light of its performance, the board had decided that a change
of leadership was needed.

Tony
Pedder tendered his resignation, which was accepted "with immediate
effect".

Chairman
Sir Brian Moffat has agreed to defer his planned retirement.

The
figures released today showed turnover across the group had slumped to £7.19bn,
from £7.7bn in 2001. Operating losses were £393m against £377m  in 2001.

The
company, which employs 26,000 people in the UK, repeated comments earlier in
the week that losses in the UK would have to be reversed through the
consolidation of operations on to fewer sites.

No
details are yet available on where the estimated 3,000 job losses will be.

However,
Corus reported a sharp fall in sales volumes during the period, driven by the
adverse impact of the weak global economy and the strength of sterling against
the euro during 2002.

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