Corus enjoys immediate profit boost after restructuring

Corus, the Anglo-Dutch steelmaker, is already reaping the rewards of a restructuring drive after profits more than doubled in the space of six months.

Pre-tax profits surged to £435m for the first six months of the year, compared to £156m at the same time last year.

Corus estimates that at least 35% of the improvement was a result of its "restoring success" shake-up, but at the same time warned that lower prices and high stock levels would only improve gradually as the year progressed.

"The third quarter will be impacted by lower selling prices, the full effect of raw material cost increases and reduced steel making to align production with demand," said a Corus statement.

Deliveries fell by 8% during the first half of the year pushing turnover 19% higher to £5.33bn.

The surge in profits underlines a turnaround at the company which restructured its operations in the UK in recent years, reducing its workforce and boosting its productivity.