Corus Steel

On a day of global job cuts, the recession (it's official) made its presence felt closer to home today when one of the region's largest employers wielded the axe.

Corus have announced it intends to shed 10% of its work force to cope with the fall in demand for steel.

Of 3,500 planned redundancies, 2,500 will be UK based, with around 1,100 in Wales. Llanwern is the hardest hit site, where the mill is expected to be mothballed (although some fear closure altogether) and more than 500 staff laid off.

They blame the recession, falling steel prices, rising energy costs and the decline of the construction, automobile and manufacturing industries.

A press release outlining the company's 'initiative to enhance competitiveness" states:

"Today’s initiative is strategic and structural in nature. Elements of the initiative comprise long-term plans that were already under consideration, but which have been brought forward as a result of the slowdown. It should bring annual improvements in operating profit of more than £200m."