Tata Steel says may shut Teesside plant
Friday 08 May 2009
India's Tata Steel, the world's sixth-largest steelmaker, said its Corus unit might have to mothball its Teesside Cast Products plant, which would lead to large job losses, after a contract was cancelled.
Tata said the decision became unavoidable because of the termination of a contract by four international steel slab buyers.
The consortium of Italian steelmaker Marcegaglia, South Korea's Dongkuk Steel, Alvory SA and Duferco Participations Holding signed the agreement in 2004.
"We regret the distress their action will cause TCP's dedicated employees, who have worked steadfastly in the interests of the consortium," Corus chief executive Kirby Adams said in a statement.
The Teesside plant employs 1,920 employees and the company has started talks with them to mitigate the impact of any mothballing, which it said could lead to very significant redundancies.
In January, Marcegaglia and Dongkuk had agreed to buy an 80 per cent stake in the Teesside unit.
Corus said it was using all legal means to ensure the offtake agreement was enforced, and would also explore alternative options to secure a viable future for the employees.
Malaysia Airlines plane crash exposes alarming flaw in airline security: over one billion flights made last year without stolen-passport check
International Women's Day 2014: The shocking statistics that show why it is still so important
Teacher shows sex tape featuring herself to pupils during class by mistake
Swarm of killer bees sting woman 1,000 times
Dead woman's body found sitting in a car after six years after direct debits ran $54,000 bank account dry
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
If you're horrified by a flame-roasted dog, you should be shocked at a hog roast
Poor 'live like animals' says Boris's privately educated sister after going on 'poverty safari'
Exclusive: Impact of immigrants on British workers ‘negligible’
Vince Cable: Teachers 'know absolutely nothing' about the world of work
Ukraine crisis: Russia pledges to 'retaliate against sanctions' as Ukrainian president says Crimea vote will not be recognised
- 1 International Women's Day 2014: The shocking statistics that show why it is still so important
- 2 Australian man Rod Sommerville reacts to bite from deadly snake by reaching for cold beer
- 3 Singapore sting: Sky-high prices are pushing locals to the edge of affordability
- 4 Russia has made 'big miscalculation' over Ukraine warns Hague
- 5 Swarm of killer bees sting woman 1,000 times
iJobs Money & Business
£12000 per annum: Inspiring Interns: The company works with Tier 1 FTSE 100 Ba...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...
£30000 - £35000 per annum + generous benefits: Pro-Recruitment Group: Mixed Ta...