Corus freezes 27,000 workers' pay

STEEL giant Corus, which axed thousands of jobs last year, is to freeze the pay of its remaining 27,000 workers in a bid to conserve cash.

The Anglo-Dutch group, which lost £200m in the first half of last year, said today that it was not expecting any upturn in business in the short term and that it would be 'inappropriate' to go ahead with a pay review this year. The freeze includes staff at all levels, the group stressed.

Executive director Allan Johnston said: 'The current and forecast business climate shows no real sign of improvement in the short term, particularly in the UK manufacturing sector, and conservation of cash therefore continues to be the critical priority for the company in order to see us through this difficult period'.