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Latest News

Corus blames operating loss on restructuring

by Personnel Today 16 Mar 2001
by Personnel Today 16 Mar 2001

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

By Paul Nelson

 

Personnel Today
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Personnel Today articles are written by an expert team of award-winning journalists who have been covering HR and L&D for many years. Some of our content is attributed to "Personnel Today" for a number of reasons, including: when numerous authors are associated with writing or editing a piece; or when the author is unknown (particularly for older articles).

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