Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Teesside Cast Products (TCP) has announced that the Corus plant at Redcar (Teesside) will stop steel production with the loss of 1600 jobs. This will end more than 150 years of iron and steel making in the region. Mothballing of the site had been due to begin at the end of January, but following discussions with unions this was postponed to the end of February.
Redcar and Cleveland Coucil's anticipate the closure could also lead to the loss of up to 8000 jobs at indirectly associated companies. TCP has been in a precarious position since a deal with international buyers, led by Italian firm Marcegaglia, fell through; however, unions maintain that the site is 'still viable' and a 'good investment' and continue to hope that a buyer may be found.
Geoff Waterfield, multi-union chairman at TCP, said about of the steelworks: "Not only is it going to make profit for whoever owns that company, but it's going to make sure a community and region survive. Business Secretary, Lord Mandelson, visited the plant and pledged that "no stone will be left unturned by the government" in the search for a alternative future for the site, and in December promised £60m to help the local economy. It is believed there are several parties possibly interested in bidding for the plant, but these are in the very early stages. No timeline was given for when these job losses would be completed by. 120 further jobs were safeguarded in January when it was agreed that TCP's South Bank coke ovens would stay open.
Eurofound (2010), Teesside Cast Products, Closure in United Kingdom, factsheet number 70239, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70239.
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