Trump chickens out again.

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Corus sells steel products unit to Thai firm

LONDON, February 24, 2011 (AFP) - Indian-owned steelmaker Corus said Thursday it has agreed to sell its Teesside Cast Products (TCP) unit to Thailand's SSI for just under $470 million (345 million euros).

TCP is based in northeast England and was closed at the start of last year after Corus failed to find a buyer for the steel products business, although it continues to employ 700 workers at the site.

"Tata Steel has today signed a definitive sale agreement to sell certain assets of TCP to Sahaviriya Steel Industries (SSI) UK Limited, a subsidiary of Thailand’s largest steel producer, in a deal valuing the business at $469 million," it said in a statement.

SSI President Win Viriyaprapaikit added: "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 (iron) for which the plant is renowned as soon as possible."

Corus is owned by Tata Steel, part of India's sprawling Tata Group conglomerate, which bought the Anglo-Dutch company for $13.7 billion in 2007.

-- (c) Copyright AFP 2011-02-25