Corus in talks to sell steel products unit to Thai firm

Aug 27, 2010 |

London

Indian-owned steelmaker Corus said on Friday it is in talks to sell its Teesside Cast Products (TCP) unit to Thailand’s SSI for some $500 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. Corus is owned by Tata Steel, part of India's sprawling Tata Group conglomerate, which bought the Anglo-Dutch company for $13.7 billion.

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