Steel-maker Corus posts 37% fall in profits

Anglo-Dutch steel-maker Corus, posted a 37% fall in profits today after it was hit by lower selling prices and soaring raw material and energy costs.

Formerly British Steel, the group said operating profits plunged from £485m (€718.5m) in the first half of last year to £305m (€452m) this time around.

Corus said it expected demand for steel to pick up in the second half of the year, although the benefits of improved selling prices were likely to be countered by further rises in the cost of raw materials.