Steel Giant Adds to Job Woes
Saturday, January 31, 2009 7:01
The jobless total in the three months to November hit 1.92 million, which is the highest level in more than a decade. Increasing companies is now adding to job woes with further job cuts.
As revealed last week, as badly affected by the global economic slump Corus, the Anglo-Dutch steel maker, which has 24000 workers in the UK, is to cut up to 3500 jobs recently.
The company has been rocked by the huge financial problems in two of its main markets—construction and car-making. Orders of Corus are believed to have fallen by 1/3. Union leaders are reportedly in talks with the government to try to fend off some of the job losses.
As a result, economist from the Bank of England warned the jobless total would hit 3 million in a year. Though it would be hard to believe that there would be that amount of unemployed member during the year, take the experience of previous recessions, some experts say that the prediction of 3 million might be optimistic.
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