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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Steelmaker Corus could axe up to 2,045 jobs AFP - Friday, June 26 LONDON (AFP) - - Indian-owned steelmaker Corus on Thursday said it could cut up to 2,045 more jobs, mostly in Britain, as it battles the global economic downturn and slumping demand for steel. ADVERTISEMENT The announcement, described as "very disappointing" by the British government, came as parent company Tata Steel reported a 60 percent fall in annual net profits, mainly due to its European restructuring costs. Tata Steel -- the world's sixth-largest steelmaker -- posted consolidated full-year net profits of 49.5 billion rupees (1.02 billion dollars) in the financial year to the end of March, down from 123.5 billion rupees in 2007-08. Corus said it intended to continue streamlining, which would include discussions on further job losses because of the worldwide financial slump and falling demand for steel in Europe and the United States. "The consultation process identifies 2,045 jobs as being at risk," the company said in a statement. Chief executive Kirby Adams told a news conference in Mumbai that talks with the unions had only just begun and could not go into specifics about any redundancies until the 90-day consultation period was over. Corus' British facilities will be hardest hit in Rotherham, Stocksbridge and Scunthorpe. Most of the cuts are in Britain but 123 jobs are set to go in the Netherlands. The global steel industry has been hit by a collapse in orders from the auto and construction sectors. The world's biggest steelmaker, ArcelorMittal, has also been forced to slash its output. Corus had already announced plans in January to cut 3,500 jobs worldwide, including 2,500 in Britain, following a strategic review sparked by the downturn. A company spokesman told AFP that the possible job cuts do not include the Teeside Cast Products (TCP) plant in Redcar, northeast England. Nearly 2,000 Corus jobs remain under threat at TCP -- one of Britain's biggest steel plants -- after four major international buyers recently pulled out of a contract. On the cuts announced Thursday, Adams said he sympathised with staff and their families but added: "Any recovery in Europe appears to be some time off, so it is vital that we take this proportionate and responsible action now. "We have to achieve long-term, sustainable competitiveness in a global and over-supplied steel market and are determined to do so by focusing on the quality of the products and services we offer our customers." Trade unions reacted furiously to news of yet more job cuts in recession-blighted Britain and called for government help for the country's battered steel industry. The Community union called the announcement "bad news on top of bad news". "This brings the Corus job cuts for the year (in Britain) to about 4,500 and that's without the threat to thousands of workers on Teesside and potentially more job cuts in the pipeline," said general-secretary Michael Leahy. "We have real concerns for the integrity of the British steel industry -- we fear its further erosion could fundamentally undermine UK manufacturing. The government must also take action before it's too late." Prime Minister Gordon Brown's office said Business Secretary Peter Mandelson had written to Corus offering five million pounds (8.2 million dollars, 5.9 million euros) in training support for workers who had lost their jobs. "Clearly this is very disappointing news for those affected. We do understand the difficulties the company is facing as a result of the severe downturn in demand for steel around the world," Brown's spokesman said. 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