SSI UK’s restoration of steel making on Teesside marks not only the return of steel making on Teesside, but also the rise of Teesside steel in the global steel industry landscape.
SSI’s big celebration with Asset Transfer of TCP, UK’s Iron and Steel Making Plant.
March 25, 2011.
SSI successfully acquiring assets of Teesside Cast Products (TCP), the iron and steel making plant. Executives and the big figures along with local communities together celebrated the Handover Ceremony on 25 March 2011. Plan to restart the production after negotiation of machine and manpower. Expecting to create 800 new jobs to maximum capacity, which strengthen resilient to steel market situation especially for domestic steel reserve. Supporting SSI to boost sale turnover, reduce production cost reduction, raw material transportation and interest-bearing cost, in addition to the increase of Net Profit from market expansion of high quality products.
The asset acquisition of the fully integrated iron and steel making facility, Teesside Cast Product (“TCP”) of Sahaviriya Steel Industries Public Company Limited (“SSI”) has officially achieved on 18.00 hrs(UK Time) of 24 March 2011. SSI UK, a subsidiary of SSI, held a Handover Ceremony on the early morning of 25 March 2011. Among the big crowd of participants who came to celebrate and congratulate were the well-known and famous , the stakeholders the local communities who have strong ties with the steel industry and the press.
The ceremony was held after SSI and Tata Steel UK Limited signed a Sale and Purchase of the Teesside Cast Product Business Agreement for the USD-469-million asset acquisition of the integrated iron and steel making facility in North East of UK. The transaction took place in London, UK on 24 February 2011.
Mr. Win Viriyaprapaikit, President of Sahaviriya Steel Industries PLC (“SSI”) revealed that the success of this asset acquisition could not happen if there were no ties between local communities and the Steel Industry, as well as a great support from UK government. From now on, this assent will be operated by SSI UK which is a subsidiary of SSI which registered in UK. During the negotiation of the asset acquisition, we have prepared in advance and can immediately start the operation after the asset transfer including the useful life extension of the blast furnace, activity supporting the restart of production, equipment repairs and the annual maintenance service.
“Our aim is to get TCP back on its full production capacity of high quality slabs as soon as possible. The expected restart time is about within 6 months or October 2011. By that time, TCP will be able to product hot metal. Therefore SSI UK must immediately recruit additional personals. We expected that we will increase at least 800 employments in UK, in addition to the existing 700 manpower currently working in TCP’s Plant. “
Mr. Phil Dryden, President of Sahaviriya Steel Industries UK Limited (“SSI UK”) also stated that ,after this event, there will be a close working relationship with the Thai Management to create a clear and suitable strategy to make this global technological advance iron and steel making facilities to be back on its full capacity as soon as possible to benefit both Thailand and UK. With many of Teesside’s people saw the importance of this event and came together to celebrate the passionate industry of this town, I am determined to do my best for the Company, the Town and the Industry.
Advantages of the Iron and Steel Making Facility,-Teesside Cast Products “TCP”
Phil Dryden appointed as SSI UK President to run Teesside Cast Products
March 11, 2011.
Sahaviriya Steel Industries UK (“SSI UK”), 100% owned by Thailand’s largest steel producer Sahaviriya Steel Industries Public Company Limited (“SSI”), today announces that it has appointed Phil Dryden as President following its acquisition of Teesside Cast Products (“TCP”) last month. Phil will have overall responsibility for TCP’s operations.
Phil, 54, was previously the Division Director, Corus Long Products, where his business responsibilities included TCP as well as Engineering Steels, Corus Tubes and Construction & Industrial. In that role he helped to develop a plan for TCP following the withdrawal of the offtaker consortium and return the loss-making Engineering Steels business to profit.
He joined Corus in April 2004 as Managing Director, Corus Strip Products UK, and is best known within the steel industry for turning around the South Wales business in that role.
A chemical engineer by training, Phil previously worked in the chemical and electronic component industries, spending the early part of his career at BP and Exxon in a variety of roles in the UK, USA and Middle East.
Phil’s predecessor, SSI UK Interim Managing Director David Reid, will remain a board director of SSI UK while returning to his previous role as Managing Partner of Metals Strategies Inc., a consultancy.
Win Viriyaprapaikit, President of SSI, said: “Phil’s knowledge of Teesside Cast Products and significant experience in the UK steel industry will prove invaluable to SSI UK. We are delighted to have attracted a candidate of this calibre to the company.
“I would also like to thank David Reid for the important part he played in negotiating the acquisition of Teesside Cast Products and establishing strong relationships with key stakeholders during that process. David will remain on the board of SSI UK, providing continuity as Phil settles into his new role.”
Phil Dryden, President of SSI UK, said: “I am excited about the prospect of leading the team that will restore Teesside Cast Products to full production. At a time when the industrial footprint of the UK seems to shrink every year, this is a great opportunity to play a role in securing the future of a major steel plant in the North East.”
Historical Deal for Thailand: SSI Acquires UK Iron & Steel Making Plant – TCP
February 24, 2011.
Mr. Win Viriyaprapaikit, President of Sahaviriya Steel Industries PLC or SSI signed a $469 million agreement to purchase assets of the Iron & Steel Making Plant, Teesside Cast Products (TCP), which is located in the north eastern England with Dr. Karl-Ulrich Kohler, CEO of Tata Steel Europe in London, England. This event took place on 24th February 2011.
SSI successfully secured credit facilities to fund for acquisition of UK Iron & Steel Making Plant – Teesside Cast Products
February 24, 2011.
Dr. Maruey Phadoongsidhi, Chairman of the Board of Directors , and Mr. Wit Viriyaprapaikit, Chairman of the Board of Executive Directors ,Sahaviriya Steel Industries PLC., recently signed the credit facility agreements consisting of THB 23,900 million and USD 600 million with the top representatives of 3 financial institutions: Siam Commercial Bank PLC, Krung Thai Bank PCL, and TISCO Financial Group PLC. The objective is to to strengthen the company’s financial position and to support the purchase of the assets of Teesside Cast Products (TCP) in United Kingdom. The signing ceremony took place at the British Embassy Residence, Bangkok, and H.E. Mr. Asif Anwar Ahmad, British Ambassador to Thailand, was the guest of honor at this signing ceremony. The event took place on February 24, 2011.