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Tata owned Corus to cut 3,500 jobs worldwide
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Tata owned Corus to cut 3,500 jobs worldwide
Mon, Jan 26 10:41 PM
London, Jan 26 (PTI) Tata owned Corus, Britain`s largest steelmaker, today said that it would cut 3,500 jobs from its global workforce, with more than 2,500 of them in the UK as part of a "strategic and structural initiative" to retain its competitive edge in the recession-hit market. Corus said the review, aimed at saving 200 million pounds a year would put around "3,500 jobs at risk".
"The structural changes we are proposing today have been carefully considered. They are essential for the future of the business," Philippe Varin, Chief Executive of the company said.
He said the company would keep its focus on "priority areas such as training, research and product development, which, together with today`s initiative, will ensure Corus is in the best possible shape to compete strongly in the future." Corus has a global workforce of 41,000, of which 20,000 employees are in the UK. The company said "today`s initiative is strategic and structural in nature.
They shall bring annual improvements in operating profit of more than 200 million pounds." It said "a comprehensive range of redundancy packages and outplacement support services will be made available to those leaving the company.
" Lamenting the company`s decision, British Prime Minister Gordon Brown said: "It`s a matter of great regret that Corus.
Took the decision to make workers redundant.
" Plummeting car production has also hit components suppliers such as GKN which plans to lay off 1,400 of its temporary staff. PTI.
Source:
http://in.news.yahoo.com/20/20090126/1425/tbs-tata-owned-corus-to-cut-3-500-jobs
London, Jan 26 (PTI) Tata owned Corus, Britain`s largest steelmaker, today said that it would cut 3,500 jobs from its global workforce, with more than 2,500 of them in the UK as part of a "strategic and structural initiative" to retain its competitive edge in the recession-hit market. Corus said the review, aimed at saving 200 million pounds a year would put around "3,500 jobs at risk".
"The structural changes we are proposing today have been carefully considered. They are essential for the future of the business," Philippe Varin, Chief Executive of the company said.
He said the company would keep its focus on "priority areas such as training, research and product development, which, together with today`s initiative, will ensure Corus is in the best possible shape to compete strongly in the future." Corus has a global workforce of 41,000, of which 20,000 employees are in the UK. The company said "today`s initiative is strategic and structural in nature.
They shall bring annual improvements in operating profit of more than 200 million pounds." It said "a comprehensive range of redundancy packages and outplacement support services will be made available to those leaving the company.
" Lamenting the company`s decision, British Prime Minister Gordon Brown said: "It`s a matter of great regret that Corus.
Took the decision to make workers redundant.
" Plummeting car production has also hit components suppliers such as GKN which plans to lay off 1,400 of its temporary staff. PTI.
Source:
http://in.news.yahoo.com/20/20090126/1425/tbs-tata-owned-corus-to-cut-3-500-jobs
