Europe's second largest steelmaker Corus Steel, the Anglo-Dutch subsidiary of India's Tata Steel Group, has announced its intention to cut around 400 jobs in its UK distribution arm citing volatile and fluctuating market conditions in the current period of economic downturn.
The proposed job losses will take place in Britain, including 100 in the West Midlands, around 100 in North Wales, 50 in South Wales and 50 in Leeds.
According to Corus, "The impact and continuation of the global economic downturn is having a major effect on steel customers in the automotive, construction, and plant and machinery markets. Since September, the business has seen a significant decline in demand."
These actions may not, however, be sufficient to offset the decline in the market.
Corus Distribution employs 2,400 workers at 36 sites in Britain and Ireland.