STEELMAKER Corus is to make another attempt to sell its aluminium operations.

The company, which announced a £307m rights issue in November to help launch its restructuring drive, said it was entering the early stages of a process to consider the options for the overseas-based unit.

The move may lead to discussions with third parties, the group said. Corus unsuccessfully tried to sell the aluminium business to French group Pechiney last year.

A Dutch court blocked the sale of the unit, which made pre-tax earnings of seven per cent on a turnover of about £1bn in 2002, last March.

The collapse of the deal prompted senior Corus management to look for a new role for steelmaking on Teesside.

It decided that the Redcar works would become a merchant mill selling on the international market.

Despite plans to look again at selling the aluminium division, the company has said in the past that there was no way back for Teesside.

It said that a successful sale would give funding for other areas of the business and Teesside would continue to sell stell independently.

The aluminium operation has 5,750 staff and sites in Germany, Belgium, the Netherlands, China and Canada, and makes finished products for the aerospace and automotive industries.

A spokesman said: "What we are signalling today is that we are proactively looking at options for those assets.

"No decisions have been taken and it may lead to discussions with third parties."

In September, Corus said half-year operating losses had narrowed to £36m following a recovery in prices and volumes.

It said in November the rights issue would enable it to begin its UK restructuring programme, which is due to cost £250m and deliver annual savings of up to £120m by the end of 2006.