Corus cuts production as demand falls

By: AP
By: AP

LONDON (AP) -- Steel maker Corus said Friday that it will cut production of crude steel by 30 per cent in the next six months as a response to falling demand.

The company, a subsidiary of India's Tata Steel, also said it will temporarily shut three blast furnaces in Britain and the Netherlands.

The news comes a day after Corus said it would cut 400 British jobs from its distribution business. Corus said no jobs would be lost as a result of the production cuts announced Friday.

Corus is Europe's second largest steel producer and produces around 20 million tons of steel a year.

The European steelmakers' association Eurofer said last month that the European steel market was entering an unstable phase as demand dries up and rival steel imports from China rise.

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