Steel boss Sir Brian Moffat has collected a 130 percent pay rise. This is the same man who sacked 10,000 steel workers. He grabbed £580,000 last year as the firm slashed a third of its workforce. David Morgan, a steel worker at Llanwern near Cardiff, told Socialist Worker, ‘This man has set in motion the meltdown of the entire industry. He wanted to impose a pay freeze on everyone who works here, but he is grabbing a fortune himself.’
Steel giant Corus tried to justify the rise by saying that Sir Brian had moved from a three-day week to working full time. But this was just for eight months of the year! The firm has also declared that it has a surplus of £865 million in its pension fund.
This has come about because of ‘the low life expectancy of ex steel workers’. In other words the bosses are rejoicing because workers die early. Corus will now take a ‘contributions holiday’ (not put in any money) in future years. The company put in £49 million last year compared to £106 million the previous year. ‘It’s not our money. We’ve just been very lucky,’ said a Corus spokesperson.
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