TATA STEEL CORUS LAYOFF: CORUS TO LAYOFF 3500 JOBS

Steel, like Real Estate, Automobile and Retail is a high growth sector which does extremeley well, much better than other sectors, in a booming economy, but does equally bad in a recession. There has been a 40% fall in global demand for steel from its peak in the current recession. As a result, Corus - a fully owned Tata Steel subsidiary- is laying off about 3500 jobs worldwide.

Corus employs about 42,000 employees worldwide, therefore 3500 amounts to about 8.3% of its total workforce. The job cuts in UK alone are expected to be about 2000.
source: BBC