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.
- 4 Women think Irish men are the sexiest, survey finds
- 5 Florida couple forced to register as sex offenders for having sex on public beach
Italian police 'reveal' what Jesus looked like as a young boy
Who should I vote for in the general election? Take The Independent's interactive quiz to find out which party is the right choice for you
Florida couple forced to register as sex offenders for having sex on public beach
Mysterious 'X-Files' sounds heard miles above the Earth
US gameshow gives woman in wheelchair incredibly awkward prize
In defence of liberal democracy
General Election 2015: Post-election 'shambles' looms as 70 per cent of voters say SNP 'should not be able to veto UK government policies'
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£60000 - £70000 per annum + benefits : Ashdown Group: A highly successful, glo...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£27 - 35k + Bonus + Benefits: Guru Careers: A Management Accountant is needed ...
£40-50k + Benefits.: Guru Careers: A Project Manager / Business Analyst is nee...