It is reported that a major international commodities' trading firm is close to concluding a deal to invest in Thamesteel, the UK based mini mill controlled by the Saudi based Al Tuwairqi group.

As per report, Trafigura, the international commodities trader, is the interested party. The trading house is understood to be interested in providing finance for the business, without acquiring a stake in it. The trader is currently conducting due diligence and that process is expected to be concluded within the next few days.

Source said that "The mill needs to find a partner by the end of this month to secure a future for Thamesteel. Production at the plant remains halted."

A source at the Al Tuwairqi group confirmed that the company is still looking to attract outside investment.

Trafigura's ferrous division trades steel making raw materials (including iron ore, coking coal, HBI and scrap), ferroalloys as well as pig iron and steel billets.

(Sourced from www.zawya.com)