Thai steel maker to acquire Corus cast products

Thailand steel producer Sahaviriya Steel Industries Public Co. Ltd (SSI) will acquire from Corus UK Ltd the Teesside Cast Products (TCP) business in a transaction valued at about 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 memorandum of understanding 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. A sale agreement would also result in Corus and SSI operating Redcar Wharf (TCP's bulk terminal) as a joint venture, giving Corus the flexibility to use Teesside to serve its other steelmaking operations, while also meeting SSI's requirements on Teesside. Corus and SSI will continue their negotiations, as well as holding talks with trade unions and the Government in coming weeks and months with the aim of finalising the terms of a sale agreement as soon as possible.Air Jordan VI 6 Shoes