SSI Expand To U.K.

[siampolee]

Celebrations over sale of mothballed steel plant

By Alan Jones, PA

Steelworkers were celebrating tonight after news that a huge plant mothballed earlier this year with the loss of more than 1,000 jobs is to be sold under a multimillion-pound deal to a Thai company.

The Corus plant on Teesside was partially closed when a four-nation international consortium suddenly walked away from a long-term contract to buy its products.

After months of behind-the-scenes talks, it was announced that plans were under way to sell the factory to SSI, the biggest steel producer in Thailand for £320 million, raising the prospect of a "significant" number of new jobs and returning the plant to full production.

The Government, unions and local politicians hailed the announced as "fantastic news" for the North East, which relies heavily on the steel industry for employment.

story continues HERE

THE INDEPENDENT

-- 2010-08-28