It is reported that almost 2,000 jobs at Corus' Teesside Cast Products look certain to be lost after the consortium that buys most of the product from the steel plant finally terminated its contract.

Mr Kirby Adams CEO of Corus said that "We feel great sympathy with our employees because of the continuing anxiety they are experiencing about their future due to the consortium’s termination of the agreement without notice. We have kept the plant going for 100 days without any external business and continue to do everything in our power to keep TCP in operation despite the consortium’s breach of contract and the economic downturn."

Mr Michael Leahy general secretary of the Community trade union, which represents steel workers, said that "We are extremely disappointed. Corus should live up to its responsibility to Teesside and keep steel production at the works."

It may be noted that the international consortium, which is led by Italian metals firm Marcegaglia, pulled out of a 10 year deal to buy its steel in April 2009, but hopes had been high that Corus could renegotiate with the consortium to persuade it to buy 78% of the plant's production.

(Sourced from www.profeng.com)