Optimism for Teesside steelmaker
1 min read
Steelmaking at Redcar could restart as early as the first half of next year if a bid to buy the site by Thai firm Sahaviriya Steel Industries (SSI) is agreed. Corus and SSI have signed a memorandum of understanding, which outlines the terms of the £320m deal.
The Teesside Cast Products plant was partially mothballed earlier this year, with the loss of 1,600 jobs. If the deal goes ahead, it is expected to create "a significant number" of new jobs at the plant in addition to the existing workforce of 700.
Win Viriyaprapaikit, president of SSI said: "We have great respect for the tradition of steelmaking on Teesside and for the highly skilled Teesside workforce, having previously purchased slab from Teesside Cast Products. For the past year we have held very constructive negotiations with [Corus CEO] Kirby Adams and the Tata Corus team and we look forward to engaging with all stakeholders in the same spirit of co-operation to secure a final agreement.
"This transaction will enable SSI to fulfil its long-standing objective of becoming a fully integrated steel producer with both primary steelmaking and rolling facilities."
