Corus and SSI sign MoU for the potential sale of Teesside Cast Products

Corus UK Limited and Sahaviriya Steel Industries Public Company Limited (SSI), Thailand’s largest steel producer, have signed a Memorandum of Understanding (MoU) which sets out the scope of a potential transaction whereby SSI would acquire from Corus the Teesside Cast Products (TCP) business in a transaction valued at approximately US$500 million (GBP320 million). The deal, if successfully concluded, is expected to create a significant number of new jobs at the plant in addition to TCP’s existing workforce of over 700 and will provide a considerable boost to the local economy. The assets covered by the MoU include the Redcar and South Bank coke ovens, TCP’s power generation facilities and sinter plant, the Redcar Blast Furnace and the Lackenby Steelmaking facilities.

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