Redcar steel plant owner SSI goes into liquidation

Emma Haslett
Follow Emma
The steel plant was mothballed at the end of last month (Source: Getty)

It's been reported that the company behind a steel plant mothballed late last month with the loss of 1,700 jobs, has gone into liquidation.

The BBC has reported that the Thai parent company of SSI, which owns the Redcar steel plant, has applied to a court in Thailand to wind up its UK arm.

The news comes on the same day the government said it had turned down a request from SSI to help it out

In a statement today, the Department for Business said it was given a "last minute and unrealistic request for the taxpayer to make [a commitment] to maintain the coke ovens in Redcar".

"On the basis of the limited business case it was given, the government has no confidence that this is a realistic proposal for taxpayers to support. In addition, it would be illegal and in breach of state aid rules. The company has never made a profit and the board’s proposal would do nothing to address the huge debts outstanding to local suppliers and other parties."
The government also announced n £80m lifeline for laid-off workers and local businesses which can provide jobs.

Related articles