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.
By Paul Nelson