Corus to cut 400 jobs from distribution biz
The slowdown has finally caught up with Tata Steel. The steel major’s international arm, Corus, on Friday cut about 400 jobs from its distribution business due to the downturn in the economy. The job cuts are in the UK and Ireland.
By ET Bureau |
MUMBAI: The slowdown has finally caught up with Tata Steel. The steel major���s international arm, Corus, on Friday cut about 400 jobs from its distribution business due to the downturn in the economy. The job cuts are in the UK and Ireland.
���It is true that we are going to lose that many jobs,��� a Corus spokesperson told ET from London, adding that the job cuts would be only in the distribution business and not in the production.
���We have informed the workers union and they have been very supportive on the issue,��� the spokesperson added.
Corus��� distribution business in the UK and Ireland has a total 2,400 employees.
The move to slash jobs comes close after reports that the Anglo-Dutch major would be pruning its steel production by more than 20 per cent, in line with the recent of 30-35 per cent cuts at the world���s largest steelmaker ArcelorMittal.
A senior Corus official said that although the company has taken steps to cut costs, distribution is typically the first to take the adverse impact of any downturn in the steel industry. Corus has already been taking measures to cut costs on transport, consumables, energy and other areas.
Meanwhile, Tata Steel, Corus��� parent company and India���s largest steel company, has ruled out any job cuts in India. Managing director B Muthuraman recently signed a wage revision agreement with the company���s Jamshedpur employees, covering over 1,600 employees. The agreement also stipulated doubling the minimum wages payable at Jamshedpur.
���It is true that we are going to lose that many jobs,��� a Corus spokesperson told ET from London, adding that the job cuts would be only in the distribution business and not in the production.
���We have informed the workers union and they have been very supportive on the issue,��� the spokesperson added.
Corus��� distribution business in the UK and Ireland has a total 2,400 employees.
The move to slash jobs comes close after reports that the Anglo-Dutch major would be pruning its steel production by more than 20 per cent, in line with the recent of 30-35 per cent cuts at the world���s largest steelmaker ArcelorMittal.
A senior Corus official said that although the company has taken steps to cut costs, distribution is typically the first to take the adverse impact of any downturn in the steel industry. Corus has already been taking measures to cut costs on transport, consumables, energy and other areas.
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Meanwhile, Tata Steel, Corus��� parent company and India���s largest steel company, has ruled out any job cuts in India. Managing director B Muthuraman recently signed a wage revision agreement with the company���s Jamshedpur employees, covering over 1,600 employees. The agreement also stipulated doubling the minimum wages payable at Jamshedpur.
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