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23/07/2001
Corus poised to make further job cuts?
Britain's largest steel producer, Corus, is set to warn that thousands more jobs are under threat.
According to a report in the Independent on Sunday, new trade proposals being drawn up by the United States could limit exports of British steel and threaten the future of five of the UK's steel plants.
Corus has warned that if the trade restrictions are imposed, steel plants at Rotherham, Stocksbridge, Teeside, Scunthorpe and Ijmuiden will be affected, including all 18,000 workers jobs.
The company has already made 6,000 workers redundant this year due to an excess of capacity. These job cuts prompted criticism from both the unions and government.
However, the Anglo-Dutch company has said that there is simply too much steel on the market and production needs cut if there is to be a return to profitability.
The downturn in the steel industry means that steel prices have fallen to a ten year low, hitting the US industry as hard as Europe.
Eighteen US steel companies have filed for bankruptcy in the past four years. (MB)
According to a report in the Independent on Sunday, new trade proposals being drawn up by the United States could limit exports of British steel and threaten the future of five of the UK's steel plants.
Corus has warned that if the trade restrictions are imposed, steel plants at Rotherham, Stocksbridge, Teeside, Scunthorpe and Ijmuiden will be affected, including all 18,000 workers jobs.
The company has already made 6,000 workers redundant this year due to an excess of capacity. These job cuts prompted criticism from both the unions and government.
However, the Anglo-Dutch company has said that there is simply too much steel on the market and production needs cut if there is to be a return to profitability.
The downturn in the steel industry means that steel prices have fallen to a ten year low, hitting the US industry as hard as Europe.
Eighteen US steel companies have filed for bankruptcy in the past four years. (MB)
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