Owner SSI decides it can no longer financially support its loss-making UK subsidiary in Teesside after ministers refuse request for ‘open-ended’ fundingThe company that owns the Redcar steel works in north-east England has been put into liquidation,threatening a total of 2200 jobs, after the government rejected a final-ditch appeal for financial help.
Thailand-based Sahaviriya Steel Industries (SSI), and said it could no longer support its loss-making UK subsidiary which has hurry up £500m worth of debts. Earlier this week it mothballed the Teesside plant,Europes moment biggest steelworks.
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Source: theguardian.com