London, Jan.26 (ANI): European steelmaker Corus, which has a joint venture partnership with India's TATA Steel, is to sack 3,500 employees in the wake of the global recession showing no signs of abating.f the 3,500 to be sacked, over 2,000 will be UK-based staff.Corus has seen the size of its order book drop by more than a third as demand has plummeted in the face of the global downturn, reports The Telegraph.The company employs 24,000 workers in the UK and has a global workforce of 42,000.The GMB union said joint union officials were meeting Corus at the firm's factory in Scunthorpe to hear the details.
It is understood that the steel giant will not close any of its UK plants, but job losses on such a scale will be a huge blow to British manufacturing, which has already been battered by the recession.
It is believed that the company had been planning to restructure the business, but the severity of the crisis which has hit the world steel industry, means Corus has to act quickly.
Steel prices, which had been driven to record highs by demand from China, have more than halved in the last year.
Employees at Corus's massive Scunthorpe steelworks arrived this morning saying they knew very little about plans for job cuts but believed their site would not be the worst hit. (ANI)
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