Corus faces takeover bid

UK steel producer Corus is facing a takeover bid from India’s Tata Steel. The deal could mean further shake-ups at the firm which supplies much of the British construction industry’s steel.

Tata is understood to be lining up a £3.5bn bid for Corus and reports from India suggest the firm would be willing to pay up to £5bn.

The news follows an announcement from Tata last week that it was considering a number of acquisition targets, including Corus.

In August Corus raised the price of structural sections by £30 per tonne and on 1 October it reversed mill plates rates. The moves were in response to increased demand from the construction industry.