Steel giant Corus was under attack last night for featherbedding executives with bonus payments after announcing a fresh wave of job losses.

The company faced an angry backlash from unions and shareholders as it defended its executive bonus scheme just hours after axing another 1,150 jobs, mainly in Yorkshire, the North East and South Wales.

The future of the factory at Teesside, which employs 2,900 workers, was left in doubt after Corus announced products made at the plant would no longer be needed by the company.

Chairman Sir Brian Moffat, who retires next month, said that sites in south Wales, where Teesside's products are usually sent, will become self-sufficient under the restructuring plans.

Workers said they feared the plant could close because of the "mountain" they would now have to climb.

Steelworkers from across the country protested outside the company's annual meeting - ironically held at the TUC headquarters in London - and called for urgent talks with new chief executive Philippe Varin, who starts work tomorrow.

Shareholders at the meeting voted against the company's remuneration policy but enough proxy votes had been made, mainly by institutional investors, to give the company a majority.

TUC general secretary elect Brendan Barber had complained paying bonuses to executives while jobs were being lost was against an industry code.

"Sacking workers on the same day as improving the bosses bonus scheme has to be classed as insensitive under the Combined Code if this self-regulation is to have any meaning whatsoever.

"Lots of noise is being made about executive pay but big investors have today shown they will not act to rein it in."

One shareholder said the Corus board of directors was the worst in the world and should resign en masse because of a series of "blunders" which had depressed the company's share value.

Other speakers accused the board of showing disregard to workers who felt "alienated and let down".

The £828,000 salary of Mr Varin was also criticised.