Early day motion tabled by primary sponsor Llew Smith (Labour), on Wednesday, 17 January 2001, in the House of Commons. It is signed by 136 members in total.

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CORUS PLC

That this House deplores the comment by Corus Chairman, Brian Moffat, that his company is 'in business to make money not steel'; notes that the first act of the Board of Directors of Corus after it was formed was to pay out ??694 million to its shareholders; notes that Corus also appropriated unilaterally ??863 million from a surplus in the British Steel Pension Fund and provided massive remuneration increases to former Dutch senior management, providing pay-offs of between ??1 and ??2 million to chief executives who were dismissed; further regrets that Corus, through acquisitions and mergers that can be identified from published sources, has spent ??137.4 million abroad compared with capital investment in the United Kingdom, which can be identified from published sources of ??3.6 million; and therefore rejects Corus' business strategy and calls upon the company to retain the current configuration of the steel industry and to prioritise investment in steel making.

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Secondary information

Type

Early day motion

Reference

220 

Session

2000-01

Subjects

Iron and steel Manufacturing industries Corus

Link

View this Early day motion on www.parliament.uk