A TRADE union leader claims Corus' decision to appease shareholders by cutting jobs on Teesside has backfired.
Michael Leahy, general secretary of the Iron and Steel Trades Confederation (ISTC) travelled from London to meet union members at the company's doomed Lackenby mill last week.
He said the announcement by US president George Bush that he intends to protect US steel producers by making imports from the UK and elsewhere more difficult, means job losses on Teesside have been an unnecessary sacrifice.
"I think what's happening in America will affect the share price," he said.
"I think it was Corus' strategy to increase the share price after it made the cutbacks in the UK, as part of its plan was to play to the city. It clearly hasn't worked."
The Corus share price fell 13 per cent on the first day of trading after the announcement.
Mr Leahy said: "People shouldn't be disillusioned.
"Given a new management team with a vision for the future, there's no reason why the most productive steel workers in the world shouldn't have jobs in the future.
"Capital investment is vital, but with a new man or woman at the top, the prospects can be good."
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