Corus announces 6,000 job losses

Corus, the troubled Anglo-Dutch steel-maker, has finally
announced that over 6,000 jobs will be lost over the next three years, as part
of the UK restructuring plan.

Three-thousand job will be lost with the Llanwern, south
Wales plant hit hardest with 1,340 job losses.

A further 3,000 jobs will be lost by 2003 leaving the Corus
UK workforce at 22,000 employees.

Corus, which made an operating loss of over £300 million in
the nine months to July 2000, blames the job cuts on lack of demand in the UK
for steel, high transportation costs and the weakness of the Euro.

“The radical measures will significantly improve the group’s
competitiveness,” said Sir Brian Moffat, chairman and chief executive of Corus.

By Paul Nelson


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