France’s biggest carmaker, PSA Peugeot-Citroen, abruptly ousted chief executive officer Christian Streiff, saying “exceptional difficulties” confronting the industry require new management at the top.

British steelmaker Corus is to cut up to 3,500 jobs this week in one of the biggest blows yet to the faltering manufacturing sector, it was reported today.

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.

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

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