Corus workers are reportedly negotiating a ten per cent pay cut to save thousands of jobs at the steel group.
Trade unions Unite, Community and GMB are said to be discussing a ten per cent pay cut across the firm for six months with managers, as Corus attempts to cut costs amid falling demand.
It is hoped the measure could keep one of the company's factories in Newport, Wales from closing.
Tata-owned Corus is looking to reduce its output, as the economic slowdown hits demand for steel, and has already shed 500 jobs from its UK workforce.
Last month, the group said it would reduce its liquid steel production by 30 per cent and cut its costs by £350 million.
Corus, one of the UK's biggest employers, is also campaigning for state aid from the government to preserve jobs.
Chief executive Philippe Varin has asked the prime minister for financial help in keeping thousands of workers at home, rather than sacking them.
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