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Corus in talks to sell steel products unit to Thai firm

Corus in talks to sell steel products unit to Thai firm
AFP
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First Published: Fri, Aug 27 2010. 05 09 PM IST
Updated: Fri, Aug 27 2010. 05 09 PM IST
London: Tata Steel-owned Corus said on Friday it is in talks to sell its Teesside Cast Products (TCP) unit to Thailand’s SSI for some $500 million (€390 million).
TCP is based in northeast England and was closed at the beginning of the year after Corus failed to find a buyer for the steel products business, although it continues to employ 700 workers at the site.
If concluded, the deal “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,” a statement said.
Sahaviriya Steel Industries is Thailand’s largest steel producer.
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First Published: Fri, Aug 27 2010. 05 09 PM IST