Steel maker Corus reported a narrowing of its annual loss today amid speculation a Russian entrepreneur may seek a boardroom role.
Corus, Europe's third-largest steel maker, made an operating loss before exceptional items of £66 million sterling for the year ending January 3rd, down from a loss of £393 million a year ago.
Analysts had forecast losses between £50 million and £150 million.
Corus, created from the 1999 merger of Dutch firm Hoogovens and British Steel, suffered a succession of losses as it confronted cheap imports and a global slowdown. It has also cut more than 13,000 jobs since the merger.
The firm is now focusing on carbon steel operations and is looking at options for its aluminium unit that could lead to its sale. The company had previously tried to sell the unit, but its Dutch works council blocked a deal last year.
Corus shares closed up 1.9 per cent at 41-1/4 pence on Wednesday. The stock has gained more than 30 per cent in value since the start of 2004 and has outperformed the FTSE 250 midcap benchmark index.
In recent months, Russian metals entrepreneur Mr Alisher Usmanov has raised his stake in Corus to more than 11 per cent.