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Corus offers some hope for shareholders


Thu 2 Jan 2003(9482)

LONDON (ShareCast) - Corus the steelmaker has offered some hope to embattled shareholders by saying it will look to push up steel prices for the second-quarter of the year.CS. - Corus Group

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Name Price Chg % Buy/Sell
Corus Group 27 -1 -3

Steel & Other Metals -3%




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The company's shares have taken a battering over the past twelve months following a poor trading statement and the collapse of a major Brazilian merger.

Now, however, Corus is more optimistic about steel prices and wants to add to prices for flat carbon steel used in everything from construction to cars, spokesman Mike Hitchcock said.

"There's a good supply and demand balance at the moment and there's been no surge in imports,'' Hitchcock said in an interview. "We will be considering a second quarter increase in the light of talk in the market."

Steelmakers in Europe cut production last year, causing benchmark steel prices to surge 56% from a 20-year low in March.

However, Corus' shares slipped again in New Year trading.