TODAY, thousands of steelworkers will find out if Sir Brian Moffatt's last act as chairman of Corus is to make them redundant.

There was speculation yesterday that Corus board members, due to meet in London today, will agree to close the least profitable parts of the business.

However, there were reports that the board will stop short of a complete shut down of its Teesside, Scunthorpe or Wales plants.

Corus's share price has been on a rollercoaster ride in recent weeks, culminating in a positive response from stockbrokers to the news that Sir Brian was to stand down as chairman and acting chief executive.

The Anglo-Dutch company has been the victim of internal political wrangling after the firm's supervisory board vetoed the sale of aluminium works to French company Pechiney.

New Corus chief executive Philippe Varin, poached from Pechiney last week, has been given an outline of the plan for the company, which is expected to detail cuts in production, with Teesside looking increasingly likely to shoulder some of the losses.

The news that job losses may be announced was greeted with dismay by leader of Redcar and Cleveland Borough Council, Councillor David Walsh.

The former steelworker, who has the Redcar and Lackenby works in his borough, saved his strongest words for the outgoing chairman.

"If this is true, it would be virtually Moffatt's last action before his own well-padded retirement at the end of May," said Coun Walsh.

"At this stage, it is speculation and we must be careful. But if the many reports are true, this man would be making thousands of people unemployed as virtually his last act.

"The incoming chairman and chief executive should have the chance to study the company and examine the possibilities of diversification and new lines of production before any decision is made. The message to the board ahead of their meeting is simple: hands off steel jobs."

Tony Poynter, of the Teesside joint trades union committee, was on his way to London last night in a last-ditch attempt to persuade the board not to cut jobs. He declined to comment on the speculation.

A spokesman for Corus also said she could not comment.