Monday, 26 January 2009

Corus cuts 3,500 jobs

I was surprised to hear that there were still a couple of steel makers left in the UK.

Corus is set to cut up to 3,500 jobs, raising fears that manufacturers will unleash a fresh wave of redundancies this week. The steelmaker, owned by Tata, the Indian conglomerate, will announce cuts today in what is likely to be one of the worst single job culls since the recession took hold, it is understood.

It is not clear how many of the 3,500 jobs cut will be in Britain, but 24,000 of Corus’s global workforce of 42,000 people are based in the UK.

2 comments:

AntiCitizenOne said...

(2500/3500) > (24000/42000)

70% > 50%

"Britain is best placed to have mass redundancies" Gordon Brown.

aSteve said...

You've got to love Danny B... he hasn't once stopped screaming for "cheaper money" - he doesn't even need to consider any evidence. Lower rates as much as possible, as soon as possible, he says. Forget the implications.

These days, I'm very suspicious. I don't buy the "for the economy" argument - because the purpose of the economy is to mediate transfer of assets between people. This 'save the economy' rhetoric can't be quite right... because it is one specific economy that politicians are attempting to save... one which they do not even attempt to justify. Playing about with interest rates changes the rules - but it isn't a silver bullet.