Trouble at mill

There are fears that steelmaker Corus is set to announce a new round of job losses at its UK plants following the shock resignation of the company’s joint chief executives.John Bryant and Fokko van Duyne — both of whom played a major part in the formation of Corus in 1999 from the merger with Holland’s Koninklijke Hoogovens — quit their jobs with immediate effect on Tuesday.

Corus said that it had sought the leadership change to allow a ‘major restructuring’ at loss-making operations. Its UK carbon steel business continues to struggle as a result of low domestic demand and the strength of sterling against the euro.

The steelmaker, which employs 33,000 in the UK and 60,000 worldwide, has axed 4,500 jobs this year in a drive to adjust to market conditions.

Corus chairman Sir Brian Moffat said: ‘In the light of this developing situation and the continuing strength of sterling against the euro it is inevitable that restructuring will have to take place in the UK.

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