Corus reports its first profit
UK's biggest steel producer Corus Group has reported its first profit and announced that earnings will increase further in the second half due to higher steel prices and cost-cutting measures.
In the first half of the current fiscal year, the company reported a net income of £100 million against the loss of £125 million recorded in the same period of previous fiscal year.
Sales increased by 11% to £4.48 billion. Operating profit of the company increased to £147 million and pre-tax profits to £163 million.
As previously reported by SteelOrbis, Corus increased its prices twice in the first six-month period. Corus officials stated that they will increase prices in October. The price of strip steel used in various sectors is planned to be increased by 6%.