It is reported that a steel plant which has been mothballed for the past year was today sold to a firm from Thailand, raising the prospect of hundreds of new jobs.

SSI, Thailand's largest steel maker, finalized an agreement to buy the Corus Teesside Cast Products site in Redcar.

Unions and local politicians welcomed the new announcement from SSI and TATA, which owns the Corus steel company in the UK.

Business Secretary Mr Vince Cable said that the deal would help to secure 700 jobs at the plant. He added that "This deal is very good news for workers at the Teesside plant and the region. I welcome the return of steelmaking to this historic steel site later this year. Coming just over a year after the plant was mothballed, it is a tribute to both companies involved TATA Steel and SSI. Both parties have worked hard since August to reach a successful outcome on what has been a complex negotiation."

Mr Vince Cable said that "This is a significant inward investment by SSI which will help to sustain the 700 jobs at the plant and create new ones at the site and the wider local economy."

Unite national officer Mr Paul Reuter said that "I'm delighted this deal has been put together and it's a testament to the determination of the workforce to save the plant. The successful sale is the result of the unions, TATA, SSI and the local community working together."

(Sourced from www.24dash.com)