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SSI and Tata set to sign Teesside steel deal
by Karen McLauchlan, Evening Gazette
Feb 24 2011
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wipeout Teesside Cast Products plant
THE long-awaited deal which will deliver a new future for steel making on Teesside is set to be signed today.
The Evening Gazette has learned that Thai giant Sahaviriya Steel Industries (SSI) is due to sign the £320m takeover of Teesside Cast Products with Tata Steel later today.
The news comes 656 days after Teesside’s steel crisis began.
On May 8, 2009 Corus - now Tata Steel - announced a 90-day consultation process with a view to mothballing the TCP after confirming members of the consortium that signed the 10-year deal with plant in 2004 had walked out on the agreement.
It’s also a year since TCP’s mighty blast furnace was monthballed, ending 150 years of steel making on Teesside.
Geoff Waterfield, chairman of the Teesside multi-union workers’ committee, said signing of the deal would be "fantastic news" for Teesside.
The deal with SSI is set to see 800 jobs created at the site, adding to TCP’s current workforce of about 700.
It is hoped the plant will be producing steel again by September.
The company plans to produce 3.5 million tonnes of slab steel from the plant - its full capacity - and export it all to Thailand, whereas previously around four-fifths of the site’s output was exported to Europe, South America and Korea.
The £320m deal includes Redcar and South Bank coke ovens, TCP’s power generation facilities and sinter plant, the Redcar blast furnace and the Lackenby steel-making operation - plus a 50/50 joint venture between Corus and SSI on the Redcar wharf.
by Karen McLauchlan, Evening Gazette
Feb 24 2011
9ShareComments (11)Recommend (16)
wipeout Teesside Cast Products plant
THE long-awaited deal which will deliver a new future for steel making on Teesside is set to be signed today.
The Evening Gazette has learned that Thai giant Sahaviriya Steel Industries (SSI) is due to sign the £320m takeover of Teesside Cast Products with Tata Steel later today.
The news comes 656 days after Teesside’s steel crisis began.
On May 8, 2009 Corus - now Tata Steel - announced a 90-day consultation process with a view to mothballing the TCP after confirming members of the consortium that signed the 10-year deal with plant in 2004 had walked out on the agreement.
It’s also a year since TCP’s mighty blast furnace was monthballed, ending 150 years of steel making on Teesside.
Geoff Waterfield, chairman of the Teesside multi-union workers’ committee, said signing of the deal would be "fantastic news" for Teesside.
The deal with SSI is set to see 800 jobs created at the site, adding to TCP’s current workforce of about 700.
It is hoped the plant will be producing steel again by September.
The company plans to produce 3.5 million tonnes of slab steel from the plant - its full capacity - and export it all to Thailand, whereas previously around four-fifths of the site’s output was exported to Europe, South America and Korea.
The £320m deal includes Redcar and South Bank coke ovens, TCP’s power generation facilities and sinter plant, the Redcar blast furnace and the Lackenby steel-making operation - plus a 50/50 joint venture between Corus and SSI on the Redcar wharf.