Anglo-Dutch steel maker Corus has announced pre-tax losses of more than £1 billion sterling although the financial results have been overshadowed by its decision to axe 6,000 jobs.
Unions are still trying to persuade Corus to scale back the job losses, which will particularly hit south Wales and the north of England.
British Prime Minister Mr Tony Blair recently asked the firm to think again after meeting representatives from Welsh steel communities.
But Corus chairman and chief executive Sir Brian Moffat offered no hope of a U-turn as he announced the results, saying the job cuts are vital to ensure the Corus has a future.
Sir Brian says most of the losses were due to measures taken in Britain to address the continuing high losses in carbon steel due to weak demand.
City analysts expect Corus to continue making losses until the summer although some have forecast a return to profit for the full year.
The group, formed through a merger in 1999 between British Steel and Dutch firm Hoogovens, has been badly hit by the strength of the pound against the euro as well as weak prices for steel.
PA