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Corus UK Limited and Sahaviriya Steel Industries (SSI), Thailand’s largest steel producer, have today signed a memorandum of understanding to buy the Teesside Cast Products (TCP) from Corus. The potential transaction is valued at $500 million.

The mothballing of the Teesside Cast Products (TCP) blast furnace at Redcar, where some 1,700 jobs are due to be lost, is to begin today. The process could take a few months.

TCP's Redcar Blast Furnace, Lackenby steelmaking and the South Bank Coke Ovens will be mothballed at the end of January 2010.