Corus chief executive Tony Pedder resigned yesterday after the Anglo-Dutch steelmaker said it was in urgent talks with banks to raise loans to restructure its UK-based steelmaking operations.
The company will be run on an interim basis by Sir Brian Moffat, its non-executive chairman.
Moffat said the group would be working to cut capacity at Corus’s UK steelmaking operations by an unspecified amount. Several thousand jobs are thought to be at risk, amid fears that the plants may be closed.
References: Financial Times 15/03/03 page 12, Daily Telegraph 15/03/03 page 31, The Times Business 15/03/03 page 56, The Independent 15/03/03 page 2
