Corus slams Russian bid
RUSSIAN tycoon Alisher Usmanov is set to challenge the board of Anglo-Dutch steel giant Corus.
After months of stake building, he has finally admitted that he wants board representation through his company Gallagher Holdings.
Meanwhile, his supporters - who argue that major cost savings could be achieved - are likely to quiz the board at next Thursday's annual meeting.
Usmanov, who controls iron and steel plants in Russia's Ural mountains, is now Corus's second-largest shareholder with 13.39%. He will nominate former Corus executive Aad van der Velde.
The group has suffered from cheap imports and global slowdown and has failed to turn in a profit since it was created in 1999 from the merger of British Steel and Dutch firm Hoogovens.
