January 25, 2009 / 3:31 PM / 11 years ago

Tata Steel's Corus to cut up to 3,500 jobs -report

LONDON, Jan 25 (Reuters) - Steelmaker Corus is poised to axe up to 3,500 jobs next week, The Sunday Times reported.

The precise number of lay-offs at the Anglo/Dutch steelmaker, owned by India’s Tata Steel (TISC.BO), were being thrashed out over the weekend, according to the paper.

The job cuts are part of a long-term restructuring drawn up by outgoing chief executive Philippe Varin, but it has been accelerated by the crisis in the global steel industry [ID:nB153082], the paper said. (Reporting by Ben Deighton, editing by Will Waterman)

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