The chief executive of steel maker Corus resigned today as the company sank to a deep full-year loss and warned of plant closures and capacity cuts in Britain.
Mr Tony Pedder tendered his resignation with immediate effect, Corus said.
The Anglo-Dutch firm, Europe's second biggest steel maker, reported a £458 million sterling net loss for 2002, a day after a court ruling forced it to abandon a make-or-break sale of some of its aluminium businesses.