Corus plans to sell off its North American operations

Corus plans to sell off its North American operations

Anglo-Dutch steel producer Corus Group Plc., intends to sell off most of its North American operations due to unsatisfactory profits recorded in the last couple of years. Company expects to gain £31-61 million ($50-100 million) from the disposal of its businesses in N.America which include Corus Metals Profile and two service centers, namely Corus Coil Products and Corus Metals. With this sell off the Group is aiming to help debt reduction and finance restructuring of group's UK operations which for now is £250 million ($395 million). As previously reported at SteelOrbis, Corus also signed a new €1.2 billion banking facility in early August which will help to increase extra funding to implement its restructuring programme. It is also stated that this move is expected to promote further disposals of non-core businesses. According to reports from the industry Corus has already put its share in Tuscaloosa, a steel mill in Alabama, up for sale.