Thai Steel Company to Purchase Teesside Cast Products
Thailand’s largest steel producer, Sahaviriya Steel Industries (SSI), plans to purchase Tata Steel’s U.K.-based Teesside Cast Products (TCP) for approximately $500 million. Once the deal is closed, SSI plans on restarting TCP by September and ramping up steel production, creating 800 new jobs at the facility. TCP, which operates Europe’s second-largest steel smelting plant, was shut down last year. SSI shareholders recently approved a capital-raising exercise to finance the acquisition, moving the deal once step closer to finalization. TCP has a capacity of 3.5 million metric tons of slab per year, of which two-thirds will serve SSI's production in Thailand with the rest for other buyers.