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Corus to reduce steel production by 20pc

Corus will reduce crude steel production in Europe by up to 20 per cent over the next three months.

Tata Steel Group-owned Corus announced it would produce around 1 million metric tonnes less in a bid to ‘mitigate the effects of the near-term steel demand outlook’.

The decision follows a decrease in demand which has now been affected by the consequences on the global financial crisis.

Corus CEO Philippe Varin said: “We are taking appropriate steps to optimise our operations and protect our sound financial position over the next few months.”

The firm added that no change is planned for production from current levels for the operations of Tata Steel Group outside Europe.