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Corus Announces Major Developments
at Scunthorpe Works

April 28, 2004 — As part of its U.K. restructuring program and ‘Restoring Success’ initiative, Corus is announcing major developments at its Scunthorpe Steelworks in North Lincolnshire.

Developments include investment of £32m in steelmaking and production facilities for rod and plate products and the sale of its U.K. sheet piling commercial operations to Arcelor.

Corus will invest in its steelmaking equipment as well as the rod mill in its quest to strengthen its market position in long products. The company also plans to modernize its plate mill to extend product range and improve quality, operating efficiency and logistics.

Corus will also sell its U.K. hot rolled sheet piling commercial operations to Arcelor. Corus' hot rolled sheet piling sales amounted to 48,000 tonnes to UK customers and exports of 106,000 tonnes in 2003. The restructuring will result in the loss of 80 jobs at the plate mill over the next two years and 156 jobs at the Heavy Section Mill with its proposed closure later this year.

Andrew Page, Managing Director of Corus Construction & Industrial said, "The investments and restructuring announced today, which are part of our Restoring Success initiative, are very positive steps to significantly improve our profitability and competitiveness. We are taking action to focus on those areas that offer us scope for growth and profitability. We will be doing as much as we can to mitigate the effects of the job losses, and consultations with trade unions and those employees directly affected have already commenced".

Corus is an international metals group that manufactures, processes and distributes steel and aluminum products. In addition, Corus provides related services in design, technology and consultancy. With sites and offices around the world, Corus employs just fewer than 50,000 people.

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