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| Corus 'to cut 2,000 jobs in UK' | Corus 'to cut 2,000 jobs in UK' |
| (30 minutes later) | |
| Steelmaker Corus is set to cut 3,500 jobs worldwide, including more than 2,000 in the UK, the BBC understands. | |
| Corus said it could not comment on rumour or speculation, but the company, like all steelmakers, is facing an unprecedented downturn in demand. | Corus said it could not comment on rumour or speculation, but the company, like all steelmakers, is facing an unprecedented downturn in demand. |
| BBC News business editor Robert Peston says the formal announcement could come as soon as Monday morning. | BBC News business editor Robert Peston says the formal announcement could come as soon as Monday morning. |
| Corus, a subsidiary of India's Tata Steel, employs 24,000 people in the UK and 42,000 worldwide. | Corus, a subsidiary of India's Tata Steel, employs 24,000 people in the UK and 42,000 worldwide. |
| The company wants to use this semi-idle period - which it expects to last for six months - to retrain its employees Robert Peston, BBC business editor Robert Peston's blog | |
| According to the Sunday Times, the Anglo-Dutch steelmaker is not planning to close any of its British plants. | |
| Corus's main UK sites are at Port Talbot, Scunthorpe and Teesside. | |
| A 40% fall in global demand for steel from its peak of last year caused Corus's orderbook to drop by more than a third. | |
| Steel prices have fallen by half since last September. | |
| The company has already announced swift measures to reduce costs. | |
| "I understand that the cuts at Europe's second-largest steelmaker have been brought forward as a result of the downturn, but it was clear to [its soon-to-retire chief executive] Mr Varin that Corus needed to become more efficient in any case," said Robert Peston. |