Corus likely to shed 3,500 jobs in a bid to reduce expenses

Corus likely to shed 3,500 jobs in a bid to reduce expensesTata Group owned and Europe's second largest steel manufacturer, Corus may start retrenchment drive in the days to come, clearly, to cut costs and ensure adequate growth amid recessionary waves prevailing across the world.

The workers, whose future is hanging in dark, following the reports of large scale lay offs by company, are seeking appointment with authority concerned to resolve all matters related to wages and production cut.

An MP from Rotherham, Denis MacShane urged government to save workers by announcing more financial assistance. He said, "The government has found billions for the banks and must do what it takes to support steelworkers and their families as we go through this global recession. Corus has invested in training a new generation of steel-workers and ways should be found to keep them operational rather than see steel-making disappear from the UK."

According to reports of British media, the steel maker is planning to terminate services of around 3,500 employees, apprehending grimmer economic situation ahead due to global financial crisis.

Corus, acquired by Tata Group two years earlier, has employee's strength of 42,000. The company is facing hard situation due to reduction in demand from automobile and reality sector. Ever falling steel prices are adversely hitting its margin, forcing it to take some hard steps including retrenchment and production cut.