Tata to shut down Corus plant, 1,700 jobs at stake
Tata Steel-owned Corus on Friday announced its decision to close its biggest steel mill in Teeside in northeast England, which would result in a loss of about 1,700 jobs.
Corus, which is Europe's second largest steel producer with annual revenues of more than £12 billion, said on Friday that it would close the factory by the end of January next year. The Tata-owned firm blamed an international consortium's breaking of a binding contract for its decision to partially implement the proposal announced in May this year of mothballing some of the facilities belonging to the Teesside Cast Products (TCP).
"The decision to partially mothball TCP follows strenuous efforts by Corus over the past eight months to secure a long-term future
To read the full article, click here...
To read the ePaper, visit: http://epaper.asianage.com
Corus, which is Europe's second largest steel producer with annual revenues of more than £12 billion, said on Friday that it would close the factory by the end of January next year. The Tata-owned firm blamed an international consortium's breaking of a binding contract for its decision to partially implement the proposal announced in May this year of mothballing some of the facilities belonging to the Teesside Cast Products (TCP).
"The decision to partially mothball TCP follows strenuous efforts by Corus over the past eight months to secure a long-term future
To read the full article, click here...
To read the ePaper, visit: http://epaper.asianage.com
posted by PressMart Team at
10:43 AM
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