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| Version 1 | Version 2 |
|---|---|
| Steel firm Corus cuts 3,500 jobs | Steel firm Corus cuts 3,500 jobs |
| (9 minutes later) | |
| Steelmaker Corus has confirmed that it is cutting 3,500 jobs worldwide, including 2,500 in the UK. | Steelmaker Corus has confirmed that it is cutting 3,500 jobs worldwide, including 2,500 in the UK. |
| The announcement comes after Corus, like all steel firms, has seen a substantial fall in demand. | The announcement comes after Corus, like all steel firms, has seen a substantial fall in demand. |
| Corus, a subsidiary of India's Tata Steel, currently employs 24,000 people in the UK and 42,000 worldwide. | Corus, a subsidiary of India's Tata Steel, currently employs 24,000 people in the UK and 42,000 worldwide. |
| It said it would be "mothballing" a facility at Llanwern near Newport, south Wales, and was trying to sell a majority stake in its Teesside site. | It said it would be "mothballing" a facility at Llanwern near Newport, south Wales, and was trying to sell a majority stake in its Teesside site. |
| 'Carefully considered' | 'Carefully considered' |
| Corus said it would "make every effort to achieve the job losses through voluntary redundancies". | Corus said it would "make every effort to achieve the job losses through voluntary redundancies". |
| This is a body blow for UK manufacturing John Wilson, GMB union | |
| "The structural changes we are proposing today have been carefully considered," said Corus chief executive Philippe Varin. | "The structural changes we are proposing today have been carefully considered," said Corus chief executive Philippe Varin. |
| "They are essential for the future of the business." | "They are essential for the future of the business." |
| Corus workers were told about the job cuts this morning. | Corus workers were told about the job cuts this morning. |
| The firm said the restructuring work would help it improve annual profits by more than £200m. | |
| "This is a body blow for UK manufacturing," said John Wilson, senior officer of the GMB union. | "This is a body blow for UK manufacturing," said John Wilson, senior officer of the GMB union. |
| Slump in demand | |
| Steelmakers around the world have been hit by falling demand from carmakers, shipbuilders, construction and heavy engineering sectors, which, in turn, have seen demand for their products drop. | |
| A 40% fall in global demand for steel from its peak of last year caused Corus's order book to drop by more than a third. | |
| And steel prices have fallen by half since last September. | |
| Corus was formed in 1999 through the merger of British Steel and Koninklijke Hoogovens. In 2007, it became a subsidiary of Tata Steel. | |
| The company says it is Europe's second-largest steelmaker, producing 20 million tonnes of crude steel every year. | |
| Its annual revenues are about £12bn ($16.3bn). | |
| Corus has requested financial help from the UK government for a rolling programme to provide new skills to its entire workforce. |