London - Steel giant Corus, Europe's second-largest steel company owned by India's Tata Steel, Friday announced plans to cut production by 30 per cent over the next six months.
The company, formerly British Steel, cited the global economic downturn for its decision to close two blast furnaces at its plants in Britain, and one in the Netherlands, until next March.
On Thursday, Corus said 400 jobs would be cut in its distribution business, which employs 2,400 people in Britain and Ireland.