Corus set to close

North East Steelmaker Corus has confirmed that it will bring down production at its Teesside Cast Products manufactory, This will mean that 1700 workers will be made unemployed.

It had been declared in May that the 150-year-old Redcar plant was to be mothballed.

The plant had been at danger since a 10-year deal abruptly fell flat.

Business Secretary Lord Mandelson conveyed his letdown, saying it would be a “very difficult time for the workforce”.

The deal that had fallen flat was signed by an global consortium, led by Italian steel specialists Marcegaglia, in 2004, and committed the consortium to buy just under 78% of the Redcar plant’s production.

http://news.bbc.co.uk/1/hi/business/8395891.stm