Corus CEO Kirby Adams and SSI President Win Viriyaprapaikit sign MoU
With prospects for a brighter future for the Corus plant at Redcar, we look back over the history of Teesside Cast Products.
Problems began back in 2003, but it was seven years later that the plant was mothballed.
Several attempts to save it were made, but when a consortium of buyers pulled out in 2009, the future looked bleak.
Months after the mothballing process began, SSI have stepped in providing a chance to potentially sell the plant.
2003: Corus declares TCP surplus to its own needs and begins looking for another long-term solution for the plant, rather than closing it down.
2005: Offtake Agreement begins - this agreement is a ten-year binding contract between Corus and four overseas slab buyers.
April 2007: Tata Steel buys Corus.
November 2008: Market starts to buckle - the consortium asks Corus to mothball the TCP plant. They agree to keep the plant open but reduce production by 30%.
April 2009: Consortium backs out of it's contract less than half way through its ten year term.
May 2009: Corus says mothballing may be unavoidable, but are still trying to find a solution.
May 14 2009: All Party Parliamentary Steel and Metal Related Industry Group "Steel Summit", at which the UK steel industry puts forward to Business Secretary Lord Mandelson the assistance it needs from government to tide it through the downturn.
July 2009: More orders come in, saving TCP for an extra month. Then more save it until the end of the year, hopefully giving chance for someone else to step in and purchase the plant.
December 4 2009: Corus CEO Kirby Adams says consortium members should "hang their heads in shame"; partial mothballing scheduled for the end of January 2010. Partial mothballing means not all jobs will go.
January 15 2010: Corus agrees with unions that partial mothballing will take place. This will start when stocks of iron ore are fully used up, or by end of February at the latest.
January 19 2010: TCP MD Jon Bolton acts as witness before NE Regional Select Committee enquiry.
February 19 2010: TCP partial mothballing process begins.
August 27 2010: Memorandum of understanding signed between Corus and SSI to buy the plant.
February 24 2011: Thai company SSI buy Teesside Cast products for £300m.
March 25 2011: SSI officially take over the TCP plant.