Corus announces huge loss for the first half year
The Anglo-Dutch steel maker Corus announced that its half-year loss is £234 million ($364 million). A company spokesman was quoted saying “This decline was due to weak economic conditions across our major markets in
Europe and
North America exacerbated by over-
production”. Moreover Corus also blamed the US safeguard measures for the losses suffered during the first half of the year along with very low international steel prices.
However the company spokesman also added that, as prices improved and are expected to improve even further until the end of the year, Corus expects better result for the second half of the year.