Steel Giant To Cut 3,500 Jobs

Steel giant Corus has confirmed it is to axe around 3,500 jobs around the world, 2,500 of these to be cut in the UK.

The Anglo-Dutch company made the decision following a series of strategic measures sparked by the recession.

Corus CEO Philippe Varin said: "The structural changes we are proposing today have been carefully considered. They are essential for the future of the business. The company will keep its focus on priority areas such as training, research and product development, which, together with today's initiative, will ensure Corus is in the best possible shape to compete strongly in the future."


Elements of the initiative comprise long-term plans that were already under consideration, but which have been brought forward as a result of the slowdown. It should bring annual improvements in operating profit of more than £200m.

In addition, the company also intends to make changes to the British Steel Pension Scheme. In line with market practice, Corus will close the Defined Benefit scheme to new recruits, who will be offered a Defined Contribution scheme. Steps will also be taken to ensure that the company contribution to future service for existing members remains at 12%.

(CD/JM)