Corus in talks to sell steel products unit to Thai firm
Indian-owned steelmaker Corus said Friday it is in talks to sell its Teesside Cast Products (TCP) unit to Thailand's SSI for some 500 million dollars (390 million euros).
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 dollars in 2007.
© 2010 AFP