 |
Steel plant sale secures 700 jobs
2011-02-24 19:22:14
24 February 2011 Last updated at 17:49 Share this page Delicious Digg Facebook reddit StumbleUpon Twitter Email Print Teesside steel plant's £291m sale secures 700 jobs The sale will secure about 700 jobs at the plant on Teesside Continue reading the main story Related Stories Bosses meet Corus staff over sale Steel plant sale 'moving ahead' Sale deal closer for Corus plant
A Teesside steel plant has been sold for £291m after months of negotiations.
Thai company SSI has signed the deal over Tata Steel's Teesside Cast Products (TCP), securing the future of the plant's 700-strong workforce.
The sale comes a year after the Redcar plant was partially mothballed after a major contract fell through.
The transaction - which should also create hundreds of new jobs at the site - is due to be completed by the end of March, the two companies said.
Head of Tata Steel Europe, Karl-Ulrich Kohler, said: "I am very encouraged that after all our efforts we have been able to reach this agreement, which is good news for the highly skilled and dedicated Teesside workforce.
"I commend SSI, the government and the trade unions for their roles in bringing about this agreement, and in particular the people of Teesside for the spirit and fortitude they have shown throughout the last, difficult two years."
'Passion for steelmaking'SSI president Win Viriyaprapaikit said: "This is a historic moment for both Teesside and SSI, one that would not have been possible without the local community's passion for steel-making and the help of the UK Government.
"We look forward to resuming production of the top quality slab for which the plant is renowned as soon as possible."
Please turn on JavaScript. Media requires JavaScript to play.
//