Published: 24th Feb 2020

Redcar Steelworks will be taken over by development company South Tees Corporation, who aim to create over 20,000 jobs in the next ten years.  In 2015, Redcar steelworks in North Yorkshire, owned by Thai company Sahaviriya Steel Industries (SSI) went into liquidation, resulting in the loss of over 2,000 jobs. However, after nearly three weeks of intense negotiations, South Tees Development Corporation have acquired the site for development. In January 2019, Tees Valley Mayor, Ben Houchen secured a deal to transfer 1,420 acres of the land to the development corporation. Following negotiations, a deal has been struck that means a following 840 acres of land will be acquired and transferred to Tees Valley. As part of the deal, 90 jobs have been saved at Redcar Bulk Terminal, which will continue to operate as normal. The deal also includes plans to develop an electric arc furnace in the next three years. … (To read the full article, subscribe below)