Corus to launch fresh sale bid

Feb 5 2004

By Evening Gazette

Steel group Corus said today it was reviving efforts to sell its aluminium operations. The Anglo-Dutch firm, which employs more than 3,000 on Teesside, said it was entering the early stages of a process "to actively consider the options" for the overseas-based unit. Corus tried unsuccessfully to sell the aluminium business to French group Pechiney last year. A Dutch court blocked the £543m sale, which would have paid for restructuring in the UK. The ruling led partly to Corus announcing major financial restructuring including switching production on Teesside from supplying Corus' internal business to the external market. Story continues ADVERTISEMENT The newly-formed Teesside Cast Products is planned to be fully operational by 2006. Mick Mannion, Teesside multi-union vice chairman, said he was not surprised by the decision. He said: "The company has always said they cannot sustain the aluminium business as they are not big enough to compete effectively. "If the business can be disposed and improve the balance sheet for Corus then I am more than happy at the sensible decision." Mr Mannion said it was unlikely the deal would face the same controversy as the sale last year, which was largely due to internal Corus politics.

Top | Back | E-mail to a friend | Printable version

Copyright and Trade Mark Notice

© 2012 owned by or licensed to ncjMedia Limited. icTeesside™ is a trade mark of ncjMedia Limited. Please read our Terms and Conditions and Privacy Statement before using this site.

 

Jobs Northeast, Homes in Northeast, Used Cars in Teesside, Teesside Free Classified ads Local Mole - Local Directory