Corus blames operating loss on restructuring

Steel group Corus, which is set to cut 6,000 jobs, has
reported an operating loss of £1.152bn, for the 15 months to December last
year, £100m more than the company forecasted.

The Anglo-Dutch company is blaming its recent restructuring
programme for more than £1bn of the losses.

Last month Corus announced that it would cut 6,000 jobs,
which will include shutting down its plants in Ebbw Vale and Bryngwyn in Wales
and a scale back at Llanwern.

“Corus is dependent for its success on loyal, well trained
and co-operative employees. Unfortunately, restructuring has led to job losses,
which I deeply regret, but I believe that they were crucial to the future of
Corus,” said Corus’ chairman and chief executive Sir Brian Moffat.

www.corusgroup.com

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

Email(Required)

OptOut

From time to time, we will send you emails about selected products, events and services from Personnel Today and OHW+ - but you can choose to opt-out at any time. If you do not wish to receive these emails, please tick this box.

Name

This field is for validation purposes and should be left unchanged.

Δ

By Paul Nelson