The former Corus steel plant in Teesside, UK has been sold to the Thai company SSI for $469M.

Certain assets of Teesside Cast Products (TCP) were sold to Sahaviriya Steel Industries UK Limited (SSI), a subsidiary of Thailand’s largest steel producer.

The assets covered by the sale include the Redcar Blast Furnace, the Redcar and South Bank coke ovens, TCP’s power generation facilities and sinter plant, and the Lackenby steelmaking and casting facilities.

The deal will also result in Tata Steel and SSI entering into a joint venture to operate Redcar Wharf (TCP’s bulk terminal), giving Tata Steel the flexibility to use Teesside to serve its other steelmaking operations, while also meeting SSI’s requirements on Teesside.

Tata Steel will continue to operate two large-diameter tube mills in Hartlepool, the Skinningrove special sections mill, Teesside Beam Mill and Teesside Technology Centre.