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.

By Paul Nelson


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