More cutbacks from industry giants
26-01-2009
The world's biggest carmaker, Toyota, is reported to be cutting back its global production by 20-percent.The move would reduce the company's output by more than one-and-a-half million vehicles each year. Elsewhere, the major Anglo-Dutch steelmaker, Corus, is expected to announce that it's cutting three-thousand 500-jobs - most of those from its British plants. Corus, which was bought in 2007 by the Indian company, Tata Steel, has been hit hard by the global recession. Demand for steel from car-makers and the building industry has slumped by forty per cent in the past year, and the price has fallen by half.
