U.S. News

Corus 3Q profit jumps sharply


Corus Group, the Anglo-Dutch steel maker which is currently a takeover target, said Wednesday third-quarter profit nearly trebled on growing demand and the disposal of its aluminum business.

Net income for the three months through Sept. 30 rose to 141 million pounds ($274 million) from 50 million pounds in the same period a year earlier, the company said in a statement. Sales climbed 17 percent to 2.49 billion pounds ($4.83 billion).

Corus said its net profit figure included 20 million pounds ($38.9 million) from the disposal of its aluminum business.

For the nine months ending Sept. 30, Corus reported a 40 percent decline in net profit to 223 million pounds ($433 million).

In October, Corus agreed to a takeover bid by India's Tata Steel, which valued the company at 4.3 billion pounds ($8.35 billion). Brazil's Companhia Siderugica Nacional later said it had approached Corus over a possible higher bid.

The British steelmaker has now postponed a shareholder vote on the Tata bid until Dec. 20 to give the Brazilians more time to make a formal offer.