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U.K. Mill In Debt, Faces Uncertain Future
09/15/2015 - One of the United Kingdom’s largest steel mills is in financial peril, having missed a series of loan repayments to its banks, according to The Telegraph newspaper.
According to the newspaper, Thailand’s SSI owes around GBP80 million on the integrated Redcar mill in Teesside. SSI rescued the mill from Tata Steel and relit its blast furnace in 2012. But the mill, which has a capacity of 3.5 million metric tons per year, has struggled financially ever since.
The Telegraph reported that the majority of the company’s 11 banks had agreed to extend a June due date to September. SSI then entered a new round of discussions to postpone the repayment yet again.
Cornelius Louwrens, SSI UK’s chief operating officer, previously warned that the plant faces an uncertain future. The plant employs more than 3,000 workers and contractors.
The Telegraph reported that the majority of the company’s 11 banks had agreed to extend a June due date to September. SSI then entered a new round of discussions to postpone the repayment yet again.
Cornelius Louwrens, SSI UK’s chief operating officer, previously warned that the plant faces an uncertain future. The plant employs more than 3,000 workers and contractors.
