ByBridgeNews Steel giant Corus is to ax almost 1,500 jobs under moves to cut costs in the face of expected heavy losses. The company -- formerly British Steel -- will cut 1,200 jobs from its engineering steels section, mainly affecting plants at Rotherham and Stocksbridge in South Yorkshire. Another 230 jobs will go under plans to restructure its technology research business, which will affect Port Talbot in South Wales and Teesside. Unions had been fearing a much bigger cutback, but still reacted with dismay to the news, urging the government to hold a special steel summit to discuss the future of the industry. Corus said it hoped the restructuring program would reduce costs through an upgrading of facilities and more flexible working. The moves should provide a sound basis for securing the future of the business, said the company which was formed last year by the merger of British Steel and Dutch firm Hoogovens.