The biggest steel maker in Russia was today said to have dropped its interest in British-Dutch steel group Corus following last week's bid by Indian firm Tata Steel.

Thousands of UK steel workers were seeking assurances over their jobs tonight after the Corus group agreed to a £4.3bn (€6.42bn) takeover by Indian rival Tata Steel.

British steel maker Corus agreed to a £4.3bn (€6.4) takeover by Indian rival Tata Steel today – ending the UK company’s year-long search for a partner.

A bumper $6.5bn finance package was today reported to have been put together by India’s Tata Steel as it considers a move for Corus.

UK steel group Corus reported annual profits for the first time today, before warning that trading conditions were set to become more uncertain.

Former British Steel group Corus is to finally break its loss-making mould with much-improved half-year results later this week, analysts said today.

Concerns over the current mood of the UK consumer will be put to the test this week when two of the biggest names in the retail arena – Next and B&Q owner Kingfisher – step forward with figures.

British steelmaker Corus reported a “substantial improvement” in full-year results today after annual losses narrowed to £305m (€453m).

Steel group Corus look set to part with its aluminium business after seeing full-year losses widen to nearly £500m (€808m).

Corus is due to end weeks of speculation by announcing thousands of job losses hitting several plants across the UK.