Corus announces big worker cutbacks

26/01/2009

UK steelmaker Corus is to cut one in ten of its workforce.

According to the firm, the 2,500 redundancies need to be made due to the lack of orders currently being made by its clients.

Corus depends on exports for much of its income - demand for which has dropped since the onset of the global financial crisis and economic downturn.

China - a major customer - has been hit hard and is ordering less steel from suppliers than before.

Dennis McShane, an MP who represents steelworkers in Rotherham, said over the weekend that major job cuts should not be made.

"The government has found billions for the banks and must do what it takes to support steelworkers and their families as we go through this global recession," he told the BBC.

"Corus has invested in training a new generation of steel-workers and ways should be found to keep them operational."

Corus was formerly state-owned, before being privatised by then-prime minister Margaret Thatcher in 1988.

It is currently owned by Indian firm Tata Steel and employs around 25,000 people in the UK.

Tags; Young Family Finances, Job loss,

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