British steel major Corus has announced cutting production by up to 30 per cent over the next six months due to slackening demand for the commodity amid global financial recession. Consequently, Corus will temporarily shut one blast furnace at each of its Scunthorpe, IJmuiden and Port Talbot works and will also adjust output levels on its downstream production units to suit market conditions in their respective regions and end-use sectors.
Late last month, Europe's second largest steel producer Corus had announced plans to reduce its third-quarter output by one million tonne of crude steel, equivalent to 20 per cent of its output in order to align its production levels with demand in the European market. Corus, produces about 20 million tons of crude steel annually. Besides cutting production to stay afloat, Corus has also decided to slash 400 jobs in its distribution business. Corus distribution business employs nearly 2,400 people at 36 sites in UK and Ireland.
Hit by the global slowdown, world's largest steel maker ArcelorMittal has also announced slashing its production by up to 30 per cent.