Corus signed a new €1.2 billion banking facility

Corus signed a new €1.2 billion banking facility

Anglo-Dutch steelmaker Corus today announces that the company has signed a new €1.2 billion banking facility, to replace the existing facility that was due to expire at the end of January 2004. The new banking facility has a final maturity date of June 30, 2006. Also, it provides committed bank financing for Corus' working capital requirements. In additon, banking facility will help Corus to increase extra funding to implement its restructuring programme. Corus also expected its operating results for the first half of this year to be around €100 million better than in the second half of 2002, when a loss of €141 million was incurred.