Corus, the European division of India?s Tata Steel, on Thursday said that it would cut nearly 366 more jobs at its Scunthorpe site in North East England, UK.
The company said the job cuts will enhance competitiveness by aligning employment cost with anticipated steel demand. The move has come in just two weeks after it announced 2,045 redundancies, mostly in Britain, as it struggles to cope with falling demand for steel.
Corus has already axed more than 2,500 jobs this year as it is restructuring several parts of its business to counter a 50% fall in demand for steel from its peak because of the global recession. ?Wherever possible, the company will seek voluntary redundancies, while at the same time ensuring that critical skills are retained. Support packages will be available to those leaving the company,? said company in a statement. The job cuts are expected to hit managers and administrative staff.
Consultations with employees and their representatives have begun on the Scunthorpe site. The company announced a major round of job cuts last month as the worldwide recession hits the company?s order book. It said 1,922 posts would be cut, with the bulk of those jobs going in Rotherham, Teesside and Scotland. Last month, Tata Steel, the Indian parent of Corus, reported a 60% fall in full-year profits to $973 million, which it attributed to falling prices and demand, and a sluggish performance in Europe. Tata Steel shares closed at Rs 364.20 on the BSE on Thursday, up 0.46%.