Anglo-Dutch Corus reports more losses, closures continue

Anglo-Dutch steelmaker Corus has reported another first-half loss as its massive programme of plant closures continues.

Shares in the firm have dropped 10%, with Corus reporting an operating loss before exceptional items of stg£36m (€51.9m) in the six months to June for the fourth consecutive year.

New Chief Executive Philippe Varin said in a statement "We foresee difficult market conditions which will limit further improvements in our financial results in the immediate future".

In April this year, Corus announced restructuring involving the closure of one plant and concentration of production at three sites, with at least 1,150 job cuts and possibilities of a further 2,200 losses.

Corus gained vital breathing space last month when it signed a new three-year debt facility for €1.2bn (€1.7bn).

Shares in the London FTSE were 8.3% down this morning.