11 December 2008
Corporate News
Corus discussions with UK Unions on economic downturn

The UK media this morning have reported that Corus is in discussions with the UK Trade Unions on a pay cut for employees as a means of avoiding redundancies.

Corus is taking an inclusive approach to the financial crisis, which is having a significant impact on the company’s order book, and is actively discussing options with employees and their representatives in the UK. In the short term, payroll reductions and specific government support for temporary unemployment could be of great assistance to address the current market conditions.

Discussions between the Company and the UK Trade Unions are continuing about what actions are necessary to get through the economic downturn. A joint statement from Corus and the Trade Unions has been drawn up, as follows:

'Corus Management and the National Officers of the UK Steel Committee have had a series of discussions regarding the business situation and potential actions to help weather the storm, including a range of temporary options aimed at reducing employment costs and assisting the company through these difficult times. Clearly this is an extremely challenging agenda for both parties. A number of proposals have been discussed in depth and both parties remain committed to continuing this dialogue. At this stage, however, no recommendations have been finalised which would justify management joining the UK lay officials at the planned meeting on the 11th of December. The parties reaffirm their commitment to this process and will meet again in the near future with a view to concluding agreement.'

End

For further information on Corus please call Bob Jones, Tel: +44 (0)207 717 4532


Notes
Corus is Europe's second largest steel producer with annual revenues of more than £12 billion and crude steel production of about 20 million tonnes.  With main steelmaking operations primarily in the UK and the Netherlands, Corus provides innovative solutions to the construction, automotive, packaging, mechanical engineering and other markets worldwide.  Corus is a subsidiary of Tata Steel, the world's sixth largest steel producer.  Following the acquisition of Corus last year, the combined enterprise has an aggregate crude steel capacity of more than 28 million tonnes and approximately 82,700 employees across four continents.

 

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