The Northern Echo reported that Thai firm Sahaviriya Steel Industries could seek a listing on the London Stock Exchange if its bid to buy a North East steel plant is successful.

As per report, SSI is expected to complete a GBP 320 million deal for TATA Steel's mothballed Teesside Cast Products in Redcar, east Cleveland, before the spring, which would mean almost half of its assets will be outside Thailand.

Mr Win Viriyaprapaikit president of SSI said that it is in the final stage of completing the purchase and he is hopeful the deal could be completed in one to two months.

He added that "Prospects are good for us to list on the stock exchange in the UK to raise funds from its capital market and we are going to study the options."

If a deal for TCP goes ahead, it is expected the firm's earnings would double to USD 50 million to USD 100 million a year, with the company aiming to take them to USD 200 million in 3 to 5 years.

Mr Viriyaprapaikit had previously confirmed that the 700 steelworkers who remained at the facility after its partial mothballing would be kept on, with the potential for more jobs to come.

Following a meeting with Mr Greg Barker climate change minister of UK last week, SSI has been given assurances that any expansion of the TCP site would not be hindered by EU emissions rules.

Firms are given an allowance as to how much carbon can be emitted and, if it is exceeded, must pay extra, potentially putting them at a disadvantage to firms outside the EU.

Redcar MP Mr Ian Swales, who hosted the meeting, said that SSI had been concerned the system would get in the way of it expanding production, but Mr Barker had reassured them the EU recognized some energy intensive industries needed special treatment.

(Sourced from www.thenorthernecho.co.uk)