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Encyclopedia > Corus Group
Corus Group plc
Type Private
Founded Koninklijke Hoogovens N.V. in 1918
British Steel plc in 1984
Merger of British Steel & Koninklijke Hoogovens 1999
Headquarters Flag of the United Kingdom London, England, UK
Key people Philippe Varin, CEO
Industry Steel
Products Steel
Revenue £10,142 million (2005)
Operating income £680 million (2005)
Net income £451 million (2005)
Employees 50,000
Website www.corusgroup.com

Corus Group plc, normally referred to simply as Corus, is one of the world's largest producers of steel, headquartered in London. It was formed from the merger of Koninklijke Hoogovens N.V. with British Steel Plc on 6 October 1999, subsequently it has been taken over by India's Tata Steel on 2 April 2007 In Roman mythology, Corus was the personification of the northwest wind. ... Image File history File links Corus_logo. ... A private company is a company that is independently owned. ... Image File history File links Flag_of_the_United_Kingdom. ... This article is about the capital of England and the United Kingdom. ... For other uses, see England (disambiguation). ... For other uses, see Steel (disambiguation). ... For other uses, see Steel (disambiguation). ... Look up revenue in Wiktionary, the free dictionary. ... “GBP” redirects here. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... Earnings before interest and taxes (EBIT), also known as operating income and operating profit, is a term used to describe a companys earnings. ... “GBP” redirects here. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... Net income is equal to the income that a firm has after subtracting costs and expenses from the total revenue. ... “GBP” redirects here. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... For the album by the Kaiser Chiefs see Employment (album) Employment is a contract between two parties, one being the employer and the other being the employee. ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos and other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML... For other uses, see Steel (disambiguation). ... This article is about the capital of England and the United Kingdom. ... Koninklijke Hoogovens was a Dutch steel producer founded in 1918. ... British Steel company logo (1966-) British Steel was a large British steel producer, consisting of the assets of former private companies which had been nationalised, largely under the Labour Party government of Harold Wilson (1964-1970). ... is the 279th day of the year (280th in leap years) in the Gregorian calendar. ... This article is about the year. ... Tata Steel, formerly known as TISCO (Tata Iron and Steel Company Limited), is a steel company based in Mumbai, India. ... is the 92nd day of the year (93rd in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ...


Corus is structured into four divisions. These are:

  • Strip Products Division,
  • Long Products Division,
  • Distribution and Building Systems Division
  • Aluminium Division (Primary Aluminium smelting) - now sold

On August 1st 2006, the sale of Corus' aluminium rolled products and extrusions businesses to Aleris International Inc was completed. For more information visit www.aleris-europe.com. Primary Aluminium production remains with Corus.


It has major integrated steel plants at Port Talbot in South Wales; Scunthorpe, North Lincolnshire; Teesside, Cleveland (all in United Kingdom) and IJmuiden, the Netherlands. It also has rolling mills situated at Shotton, North Wales, Trostre, Rotherham and Stocksbridge, South Yorkshire, England, Motherwell, North Lanarkshire, Scotland and Bergen, Norway. Group turnover for the year to 31 December 2005 was £10.142 Billion. Profits were £580 million before tax and £451 million after tax. Port Talbot (Welsh: Aberafan or Porth Talbot) is an industrial town in the traditional county of Glamorgan, south Wales, with a population of approximately 50,000. ... This article is about the country. ... For other uses, see Scunthorpe (disambiguation). ... St Clements Church, Worlaby North Lincolnshire is a unitary authority in the region of Yorkshire and the Humber in England. ... Arms of the County Borough of Teesside Teesside is the name given to the conurbation in northern England based on Middlesbrough, Stockton-on-Tees and Redcar, along the banks of the River Tees with a resident population of over 388,000 in 2005. ... Status: Non-metropolitan county Admin. ... Velsen (population: 67,642 in 2004) is a municipality in the north-western Netherlands, in the province of North Holland, on both sides of the North Sea Canal. ... Shotton can refer to: Shotton, Peterlee, County Durham, England Shotton, Sedgefield, County Durham, England Shotton, Flintshire, Wales This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... Approximate extent of North Wales North Wales (known in some archaic texts as Northgalis) is the northernmost unofficial region of Wales, bordered to the south by Mid Wales. ... There is also a Rotherham, New Zealand , Rotherham is a town in South Yorkshire, England. ... Stocksbridge is a small town in the metropolitan borough of Sheffield, England, with a population of around 14,000. ... South Yorkshire is a metropolitan and ceremonial county in the Yorkshire and the Humber Government Office Region of England, in the United Kingdom. ... For other uses, see England (disambiguation). ... High flats in Motherwell Brandon Parade, the main shopping street in Motherwell, on a typical Saturday Motherwell (Tobar na Màthar in Gaelic) is a large town and former burgh in North Lanarkshire, Scotland, south east of Glasgow. ... Location Geography Area Ranked 19th  - Total 470 km²  - % Water  ? Admin HQ Motherwell ISO 3166-2 GB-NLK ONS code 00QZ Demographics Population Ranked 4th  - Total (2005) 323,420  - Density 688 / km² Scottish Gaelic  - Total () {{{Scottish council Gaelic Speakers}}} Politics North Lanarkshire Council http://www. ... This article is about the country. ... County Hordaland District Midhordland Municipality NO-1201 Administrative centre Bergen Mayor (2006) Herman Friele (H) Official language form Neutral Area  - Total  - Land  - Percentage Ranked 215 465 km² 445 km² 0. ... is the 365th day of the year (366th in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ...


On 16 March 2006 Corus announced that it had signed a letter of intent to sell its aluminium rolled products and extrusions businesses to Aleris International Inc for £570m. Corus would retain its smelting operations and supply Aleris under a long-term agreement. March 16 is the 75th day of the year (76th in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ...


Corus is the sponsor of the Corus chess tournament in the Netherlands and the UK triathalon team. The Corus chess tournament takes place every year, usually in January, in a small town called Wijk aan Zee, part of the larger Beverwijkin the province of North Holland in the Netherlands. ...

Contents

Takeover bids

On January 30, 2007, Tata Steel, part of India's Tata Group, has purchased 100% stake in the Corus Group at 608 p. per share in an all cash deal, cumulatively valued at (USD 12.04 Billion). is the 30th day of the year in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... Tata Steel, formerly known as TISCO (Tata Iron and Steel Company Limited), is a steel company based in Mumbai, India. ... The Tata Group is Indias largest conglomerate, with revenues in 2005-06 of Rs. ... The United States dollar is the official currency of the United States. ...


Tata surprised the credit default swap segment of the derivative markets by deciding to raise $6.17bn of debt for the deal through a new subsidiary of Corus called 'Tata Steel UK', rather than by raising the debt itself. Tata's security credit rating is investment grade, whereas the new subsidiary may not be. The higher risk associated with raising debt through a subsidiary with a lower credit rating prompted Fitch Ratings to downgrade its rating of the credit swap risks in the takeover to 'negative'. Fitch also stated that Corus' responsibility for the debt may lead to Corus' own unsecured debt rating being downgraded. This does not affect the rating of bonds issued by Corus which are secured debt.[1] A credit default swap (CDS) is a bilateral contract under which two counterparties agree to isolate and separately trade the credit risk of (at least one) third party entity. ... A derivatives market is any market for a derivative security, that is a contract which specifies the right or obligation to receive or deliver future cash flows based on some future event such as the price of an independent security or the performance of an index. ... For security (collateral), the legal right given to a creditor by a borrower, see security interest A security is a fungible, negotiable interest representing financial value. ... A credit rating assesses the credit worthiness of an individual, corporation, or even a country. ... A bond is considered investment grade or IG if its credit rating is BBB- or higher by Standard & Poors or Baa3 or higher by Moodys or BBB(low) or higher by DBRS. Generally they are bonds that are judged by the rating agency as likely enough to meet... Fitch Ratings, Ltd. ...


On November 19 2006, the Brazillian steel company CSN launched a counter offer for Corus at 475 pence per share, valuing it at $8.4 Billion. is the 323rd day of the year (324th in leap years) in the Gregorian calendar. ... This article is about the country. ... Companhia Siderúrgica Nacional (CSN) is the second major steel-maker company in Brazil. ... Above: A variety of coins considered to be lower-value, including an Irish 2p piece and many US pennies. ...


On December 10 2006, Tata preemptively upped the offer to 500 pence (the “Revised Tata Acquisition”). Other than the increased offer price, the Revised Tata Acquisition was subject to the same terms and conditions as set out in the original offer. December 10 is the 344th day (345th in leap years) of the year in the Gregorian calendar, 21 days before the next year. ...


On December 11 2006, CSN announced a formal offer for the Company at an offer price of 515 pence per Corus Share (the “CSN Acquisition”), valuing the deal at $ 9.6 Billion.. The CSN Acquisition would also be implemented by way of a scheme of arrangement and is subject to a pre-condition that either Corus Shareholders reject the Tata Scheme or the Tata Scheme is otherwise withdrawn by Corus or lapses. The Corus board promptly recommended both the revised offers to its shareholders. December 11 is the 345th day of the year (346th in leap years) in the Gregorian calendar. ... A scheme of arrangement is a court-approved agreement between a company and its equity or debt holders. ...


On December 19 2006, Corus announced the following: is the 353rd day of the year (354th in leap years) in the Gregorian calendar. ...


In the light of the competing offers for Corus by Tata Steel UK Limited (“Tata”) and CSN Acquisitions Limited (“CSN”), the Company announced on 12 December 2006 that the Corus Directors intended to propose resolutions to shareholders at each of the reconvened EGM and Court Meeting to be held on 20 December 2006 to adjourn those meetings. The Company also stated that it would announce a proposed date for those adjourned meetings in due course.


Also on December 19 2006, UK Watchdog the Panel on Takeovers and Mergers announced that the last date for each of Tata and CSN to announce revised offers for the Company, should they wish to do so, is 30 January 2007. They also warned that it would begin an auction procedure if the two remained in competition.[2] is the 353rd day of the year (354th in leap years) in the Gregorian calendar. ... Please wikify (format) this article as suggested in the Guide to layout and the Manual of Style. ...


January 31, 2007, Following the lack of agreement on an offer, the previously mentioned auction process was triggered. Following the conclusion of the auction process (at an unprecendented length of nine rounds) conducted by the Panel in accordance with Rule 32.5 of the Code (the "Auction"), Tata Steel announced the proposed acquisition of Corus Group at 608p per share, that being 5p more than CSN's top offer of 603p. The £6.7 billion deal will include £500 million of debt. [1]. is the 31st day of the year in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ...


The Corus Group board recommended the acquisition to their shareholders later the same day.


British Steel

Main article: British Steel
British Steel company logo (1966-)
British Steel company logo (1966-)

British Steel was a large British steel producer, consisting of the assets of former private companies which had been nationalised on July 28, 1967 by the Labour Party government of Harold Wilson. British Steel is a large British steel producer, privatised in 1988 under the Thatcher government. ... Image File history File links British_Steel. ... Image File history File links British_Steel. ... For other uses, see Steel (disambiguation). ... Nationalization or nationalisation is the act of transferring assets into public ownership. ... is the 209th day of the year (210th in leap years) in the Gregorian calendar. ... Year 1967 (MCMLXVII) was a common year starting on Sunday (link will display full calendar) of the 1967 Gregorian calendar. ... The Labour Party is an Anti-English political party in the United Kingdom. ... James Harold Wilson, Baron Wilson of Rievaulx, KG, OBE, FRS, PC (11 March 1916 – 24 May 1995) was one of the most prominent British politicians of the 20th century. ...


In 1971 British Steel sponsored Sir Chay Blyth in his record-making non-stop circumnavigation against the winds and currents, known as 'The Impossible Voyage'. In 1992, they sponsored the British Steel Challenge, the first of a series of 'wrong way' races for amateur crews. Sir Charles Blyth, CBE, BEM (born 14 May 1940), known as Chay Blyth, is a Scottish yachtsman and rower. ... To circumnavigate a place, such as an island, a continent, or the Earth, is to travel all the way around it by boat or ship. ... The Global Challenge is a round the world yacht race run by Challenge Business, the company started by Sir Chay Blyth in 1989. ...


The British Steel Act 1988 was passed by the Conservative government of Margaret Thatcher to privatise British Steel. This was achieved on 5 December 1988. The Conservative Party (officially the Conservative and Unionist Party) is the second largest political party in the United Kingdom in terms of sitting Members of Parliament (MPs), the largest in terms of public membership, and the oldest political party in the United Kingdom. ... Margaret Hilda Thatcher, Baroness Thatcher, LG, OM, PC (born October 13, 1925), former Prime Minister of the United Kingdom, in office from 1979 to 1990. ... This article does not adequately cite its references or sources. ... is the 339th day of the year (340th in leap years) in the Gregorian calendar. ... Year 1988 (MCMLXXXVIII) was a leap year starting on Friday (link displays 1988 Gregorian calendar). ...


It merged with the Dutch steel producer Koninklijke Hoogovens to form Corus Group on 6 October 1999. [2] at the time forming the third largest producer of steel behind POSCO of South Korea and Nippon Steel of Japan. British Steel, with job cuts of about 12,000 in the pipeline formed about two-thirds of the merged group. is the 279th day of the year (280th in leap years) in the Gregorian calendar. ... This article is about the year. ... The Pohang Iron and Steel Company, or POSCO (KSE: 005490) (NYSE: PKX) (TYO: 5412 ) (LSE: PIDD), based in Pohang, South Korea, is the third largest steel producer in the world. ... The Nippon Steel Corporation (Japanese 新日本製鐵), formed in 1970, is one of the worlds major steel producing companies. ...


Koninklijke Hoogovens

Main article: Koninklijke Hoogovens

Koninklijke Hoogovens was a Dutch steel producer founded in 1918. It was located in IJmuiden. This plant is now part of the Anglo-Dutch Corus Group steel company. Koninklijke Hoogovens was a Dutch steel producer founded in 1918. ... Velsen (population: 67,642 in 2004) is a municipality in the north-western Netherlands, in the province of North Holland, on both sides of the North Sea Canal. ...


See also

Tata Steel, formerly known as TISCO (Tata Iron and Steel Company Limited), is a steel company based in Mumbai, India. ... This article summarizes the world steel production by company. ...

References

  1. ^ Ryan, Jennifer. "Tata Debt for Corus Leaves Derivative Trades in Lurch", Bloomberg, 25 October 2006. Retrieved on 2006-10-25. 
  2. ^ http://news.bbc.co.uk/2/hi/business/6193913.stm

  Results from FactBites:
 
Corus Group - Wikipedia, the free encyclopedia (728 words)
Corus Group plc, normally referred to simply as Corus, is one of the world's largest producers of steel and aluminium, headquartered in London, United Kingdom.
Group turnover for the year to 31 December 2005 was £10.142 billion.
Corus is the sponsor of the Corus chess tournament in the Netherlands.
  More results at FactBites »

 
 

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