Corus to mothball TCP facilities
An international consortium’s breaking of a binding contract means that Corus will be mothballing some of its facilities at its Teesside Cast Products (TCP) business in north-east England.
TCP’s Redcar Blast Furnace, Lackenby steelmaking and the South Bank Coke Ovens will be mothballed at the end of January 2010. However, Corus intends to keep open a number of operations, including the Redcar Wharf, Redcar Coke Ovens and some of the power generating capacity.
The partial mothballing will result in the loss of about 1,700 jobs.
Corus will continue to have a substantial presence in the Teesside area, employing more than 2,000 people at operations in Hartlepool, Skinningrove, the Teesside Beam Mill and the Teesside Technology Centre.
The decision to partially mothball TCP follows strenuous efforts by Corus over the past eight months to secure a long-term future for the plant after the failure of four international slab buyers to fulfil their obligations under a 10-year contract that they signed with Corus in 2004. This contract committed the consortium to buying about 80 per cent of the plant’s production for 10 years.
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