Corus Teesside plant £320m sale moving closer

Corus estimates steel-making could restart in 2011

The president of a Thai company which is hoping to buy a Teesside steel plant has said the deal is moving ahead.

Win Viriyaprapaikit of SSI is visiting the region and has met MPs and business leaders involved in the sale of Corus Teesside Cast Products (TCP.)

It is hoped that if the £320m sale of the Redcar plant goes ahead steel-making could restart in 2011.

Mr Viriyaprapaikit said TCP was "world-class" and hoped the deal would be finalised in a few months.

SSI, which is Thailand's largest steel producer, has signed a "memorandum of understanding" agreement to buy the plant.

'World-class infrastructure'

Mr Viriyaprapaikit said: "It has world-class infrastructure and that is always important in the steel industry, as we will be moving a lot of raw materials.

"But what is more, is that everything that surrounds the plant is so beautiful - it is very remarkable - the beauty of the shoreline and all the villages, it doesn't look like a steel plant at all."

If the sale goes ahead it will secure the jobs of 700 workers at the plant and create a significant number of new posts.

TCP was partially mothballed in February when a consortium pulled out of a deal.