Tata Steel on Thursday sold its Corus steel-making plant in northeastern England to Thailand's Sahaviriya Steel Industries in a £469-million deal that brought cheer to beleaguered British workers.
The sale, which is expected to save hundreds of jobs and create new ones at the Teesside Cast Products (TCP) facility in the town of Redcar, comes a year after Tatas mothballed the factory amid a global slump in demand.
A senior Tata Steel executive told the Hindustan Times that Tata — Britain's largest private sector employer — had kept its commitment to the steelmaking region. "We always maintained we are seriously looking for a long-term viable solution. People expected an overnight solution but we kept our commitment to find the right buyer."
The temporary closure of TCP became a major political issue before last year's general election, prompting statements from former prime minister Gordon Brown and his Labour cabinet ministers.
On Thursday, a relieved Business Minister Vince Cable said: "This deal is very good news for workers at the Teesside plant and the region."