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SSI Teesside Port Deal Won't Impact British Steel Deal

Steel News - Published on Wed, 26 Feb 2020

Image Source: Fastener and Fixing
Jingye has been scuppered in its plan to use the terminal as leverage, in its negotiations with other ports, have been denied and now official receiver has claimed that a rescue bid for British Steel will not be affected by the sale of a Teesside deepwater port. Official Receiver said "The potential acquisition of the remaining 50% shareholding in the Redcar Bulk Terminal was known when the sales agreement for British Steel was drawn up.”

Tees Valley Mayor Ben Houchen also said “The deal agreed with SSI and the Thai banks does not impact the proposed British Steel deal currently being negotiated by Jingye.”

British Steel had owned a 50% stake in Redcar Bulk Terminal alongside former Redcar steelworks owner SSI UK. SSI has now exercised its right to buy up the other half from British Steel in a GBP 11.3 million deal. In a letter to the Thai stock exchange outlining a bridging loan to buy up the asset, SSI said the bulk terminal is a strategic business with an opportunity to rise in value.

Source :

Posted By : Nishith Sharma on Wed, 26 Feb 2020
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