issue @ 90 cents .why all the selling, page-4

The problems with Corus are certainly not helping:

Steelmaker Corus says it could cut up to 2045 jobsJune 26, 2009 - 7:02AM
Indian-owned steelmaker Corus says it could cut 2045 more jobs, mostly in Britain, as it battles the global economic downturn and slumping demand for steel.

"Corus today announces additional measures that build on the restructuring program the company announced in January 2009," Corus said on Thursday.

"These measures involve opening consultations on a series of further job reductions, which have become necessary because of the worldwide economic downturn and, in particular, the decline in steel demand in Europe and America.

"The consultation process identifies 2045 jobs as being at risk."

Corus, owned by India's Tata Steel, had announced in January plans to cut 3500 jobs worldwide, including 2500 in Britain, following a strategic review sparked by the downturn.

"Corus has already made significant cost savings with the support of its employee and union representatives since the downturn began, but several sites have suffered further deterioration in demand for their products," it said.

"This additional restructuring will enable the business to align its production and manning levels with anticipated demand."

The global steel industry has been hit by a collapse in orders from the auto and construction sectors. The world's biggest steelmaker, ArcelorMittal, has also been forced to slash its output.

AFP