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Administrators appointed at UK's Thamesteel - 25 January 2012

The UK bar and billet plant Thamesteel, controlled by the Saudi-based Al Tuwairqi group, is set to enter officially into administration on Thursday as a result of financial difficulties, Steel Business Briefing learns from sources within the company.

Mazars, the accountancy firm, has been appointed to administer the company, SBB learns from a source within Thamesteel. No decision has been taken on winding up the firm or attempting to restart production, SBB understands, and the process of looking to attract fresh investment into the company is likely to continue.

Trade union Community said it believes the plant can have a future, and expressed willingness to work with the administrators to find a new investor.

In recent months, Thamesteel has been actively looking for an outside investor for the business. International traders, such as Liberty Commodities and Trafigura, have been mentioned among the parties interested in the deal. But it had become clear earlier this week that a deal had not been achieved, SBB is told.

The EAF-based works, located in Sheerness near London, has been out of production since November.

No official comment from Thamesteel or Al Tuwairqi group had been received by SBB on Wednesday. A representative of Mazars did not respond to requests for comment.

 

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