UK - Steel giant Corus insists its pension schemes are still "healthy", despite having around £770m wiped off their value in the year to the end of June.
The FRS17 net surplus dropped from £790m to £19m but Corus spokesman Mike Hitchcock said the company had no plans to alter contribution rates or make any other changes to the final salary schemes.
He said: “The improvement in equities in the first half of this year was offset by a decrease in the yields of double-A bonds.
“We expect that to improve in the second half of this year and see no need to increase the company’s contribution rates or make any other changes.”
Earlier this month, the company announced it would cut 1150 jobs in the UK by the end of next year as part of a mass restructure.
Half of Corus’s 50,000 employees are part of the former British Steel Pension Scheme while 11,000 are members of the Hoogovens Scheme.
The combined value of the Anglo-Dutch company’s schemes stood at £10.9bn at the end of June.
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