Menu
29/04/2003
1,150 jobs under threat at Corus
Up to 1,150 jobs are under threat in England after steelmaker Corus announced measures to "restore market confidence" in the troubled company.
As part of the rationalisation process, the steelmaking and hot rolling process at Stocksbridge in south Yorkshire will be closed "in due course". Steelmaking in the UK will now be concentrated on three sites – Port Talbot in south Wales, Scunthorpe in north Lincolnshire and Rotherham in south Yorkshire. The finishing facilities at Tipton in the west Midlands will also be relocated to Rotherham.
At the group's AGM today, Chairman Sir Brian Moffat said that the proposals were necessary as concerns continued over the "erosion of the market value of Corus", and the continuing loss-making situation and its medium term refinancing.
It was also announced today that Corus's 2,200 strong workforce in Teesside will no longer produce steel for the UK market. However, in order to avoid Teesside's closure, the group says it will "endeavour to refocus" the site to become a "cash generative" slab and bloom producer for international markets.
As a result of the realignment, Corus will reduce its output to 10.5 million tonnes a year – largely focused on satisfying UK market demand. The board anticipates that the capital expenditure and restructuring cash costs associated with the proposals will not exceed £250 million.
The job losses relating to these initiatives are in addition to those contained in the 2001 restructuring programme and are due to be completed in 2004.
(GMcG)
As part of the rationalisation process, the steelmaking and hot rolling process at Stocksbridge in south Yorkshire will be closed "in due course". Steelmaking in the UK will now be concentrated on three sites – Port Talbot in south Wales, Scunthorpe in north Lincolnshire and Rotherham in south Yorkshire. The finishing facilities at Tipton in the west Midlands will also be relocated to Rotherham.
At the group's AGM today, Chairman Sir Brian Moffat said that the proposals were necessary as concerns continued over the "erosion of the market value of Corus", and the continuing loss-making situation and its medium term refinancing.
It was also announced today that Corus's 2,200 strong workforce in Teesside will no longer produce steel for the UK market. However, in order to avoid Teesside's closure, the group says it will "endeavour to refocus" the site to become a "cash generative" slab and bloom producer for international markets.
As a result of the realignment, Corus will reduce its output to 10.5 million tonnes a year – largely focused on satisfying UK market demand. The board anticipates that the capital expenditure and restructuring cash costs associated with the proposals will not exceed £250 million.
The job losses relating to these initiatives are in addition to those contained in the 2001 restructuring programme and are due to be completed in 2004.
(GMcG)
Related UK National News Stories
Click here for the latest headlines.
20 October 2006
Tata agree £4.3bn deal with Corus
Indian group Tata Steel has confirmed it has agreed a £4.3bn takeover from Anglo-Dutch steel company Corus. Tata said the acquisition is 'strategically compelling' and would create the fifth largest steel producer with pro forma crude steel output of 23.5 mln tonnes in 2005.
Tata agree £4.3bn deal with Corus
Indian group Tata Steel has confirmed it has agreed a £4.3bn takeover from Anglo-Dutch steel company Corus. Tata said the acquisition is 'strategically compelling' and would create the fifth largest steel producer with pro forma crude steel output of 23.5 mln tonnes in 2005.
14 April 2003
Steelworkers show red card throughout Europe
Steelworkers throughout Europe have held a one-hour protest calling for the immediate resignation of Corus chairman Sir Brian Moffat. Thousands of workers waved red cards as they protested against the chairman who the workers blame for the company’s performance.
Steelworkers show red card throughout Europe
Steelworkers throughout Europe have held a one-hour protest calling for the immediate resignation of Corus chairman Sir Brian Moffat. Thousands of workers waved red cards as they protested against the chairman who the workers blame for the company’s performance.
15 October 2014
UK Unemployment At Six Year Low
UK unemployment has fallen below two million for the first since 2008, the latest figures from the Office for National Statistics (ONS) reveal. In the three months to August this year unemployment fell by 154,000, the ONS figures showing that the rate now stands at 1.97 million, or 6%.
UK Unemployment At Six Year Low
UK unemployment has fallen below two million for the first since 2008, the latest figures from the Office for National Statistics (ONS) reveal. In the three months to August this year unemployment fell by 154,000, the ONS figures showing that the rate now stands at 1.97 million, or 6%.
11 March 2014
Station And Fire Engine Destroyed In Fire
Fire has destroyed a Norfolk fire station and fire engine in an overnight blaze. The fire was reported by a passing police patrol in Downham Market, Norfolk, just after midnight. It is understood that the fire started in a bay where the stations engine was stored.
Station And Fire Engine Destroyed In Fire
Fire has destroyed a Norfolk fire station and fire engine in an overnight blaze. The fire was reported by a passing police patrol in Downham Market, Norfolk, just after midnight. It is understood that the fire started in a bay where the stations engine was stored.
19 February 2014
Almost 200,000 More People Now In Work
The latest employment figures from the Office for National Statistics (ONS) show that the number of people in work rose by 193,000 to 30.15 million in the three months to December. The number of people unemployed fell to 2.34 million, a drop of 125,000, for the same period. The unemployment rate now stands at 7.2% with the employment rate at 72.
Almost 200,000 More People Now In Work
The latest employment figures from the Office for National Statistics (ONS) show that the number of people in work rose by 193,000 to 30.15 million in the three months to December. The number of people unemployed fell to 2.34 million, a drop of 125,000, for the same period. The unemployment rate now stands at 7.2% with the employment rate at 72.
-
Northern Ireland WeatherThis Evening and Tonight:Dry with good clear spells bringing a rural frost for some and some fog patches in places. Cloudier around the coast of Country Down where the odd light shower may develop. Northerly breezes persisting. Minimum temperature 0 °C.
