Corus cuts steel output by 20%

Corus is to reduce steel production by 20% at its UK and Netherlands plants.

Parent company Tata Steel said that it is responding to a fall in demand caused by the consequences of the global financial crisis.

It said it would reduce output by 1m tonnes over the next three months.

Philippe Varin, chief executive of Corus, said: “We are taking appropriate steps to optimise our operations and protect our sound financial position over the next few months.”

Tata Steel said there will be no changes in the level of steel production outside Europe.