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Redcar industry looks for 'white knight'

Corus faces a race against time to find a buyer for its North East steel plant after an international consortium finally ended its contract with the UK.

Hopes of saving 2,000 jobs at Teesside Cast Products (TCP), in Redcar now rely on finding a buyer before order books run dry.

Corus chiefs said the plant had enough work to keep going to the end of September, while union bosses said they had not given up on hopes that a white knight can be found to save the plant.

Minister for the North East Nick Brown said that he remained optimistic given the rising value of steel.

“The world market price and the cost of production at the Redcar plant are much closer than they were a few weeks ago,” he said.

“I have always been clear that the best way forward for the plant, the local community and the Government, is to keep it as a going concern and that means finding work for it.”

Since the consortium dropped its bombshell, Corus has been looking for work to keep the plant open.

The company said: “We have succeeded in stretching TCP’s orderbook until the end of August.

“The company is also generating external inquiries for TCP’s high-quality slab products and it is likely that the September order book will be filled in the next few days.”

Bosses believe the extra orders will give them time to find a buyer for the plant or to secure long-term business.

Union officials will meet in London today to discuss their next move.

This was posted in Bdaily's Members' News section by Ruth Mitchell .