Comments
Tata Steel UK on Friday said it has inked an agreement to sell certain assets of Teesside Cast Products (TCP) to Sahaviriya Steel Industries UK, a subsidiary of Thailand’s largest steel producer, at $ 469 million.
The transaction is expected to be completed by end next month.
The definite agreement is the most significant achievement in the 22 months since Tata Steel began an exhaustive search for an alternative future for TCP, after the illegal withdrawal by a consortium of off takers from a 10 year supply agreement.
“I am very encouraged that after all our efforts we have been able to reach this agreement, which is good news for the highly skilled and dedicated Teesside workforce,” Tata Steel (Europe), Managing Director and CEO, Mr Karl-Ulrich Kr, said in a statement.
“I should point out that Tata Steel intends to retain a major presence in Teesside. After the successful completion of this transaction, Tata Steel will remain one of the largest private sector employers in the area with more than 1,800 employees,” Mr Kr said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.