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Redcar steelworks: Owners SSI go into liquidation Redcar steelworks: Owners SSI go into liquidation
(35 minutes later)
SSI UK, the owners of the Redcar steelworks, has gone into liquidation. SSI UK, which owns the Redcar steelworks, has gone into liquidation.
The Thai parent company has applied to the court in Thailand to wind up its UK arm, which has been granted. The Thai parent was earlier granted an application to wind up the UK arm of its business in a court in Thailand.
On Monday, it was announced the plant on Teesside was to be mothballed with the loss of 1,700 jobs.On Monday, it was announced the plant on Teesside was to be mothballed with the loss of 1,700 jobs.
The director of the SSI UK, Cornelius Louwrens, said he would try to determine how operations would be affected, but there would be a focus on keeping the coke ovens burning. Director of SSI UK, Cornelius Louwrens, said he would try to determine how operations would be affected, but there would be a focus on keeping the coke ovens burning.
A taskforce was set up to support workers after the mothballing announcement and it was meeting when news of the liquidation emerged.
See the latest reaction to the news on the BBC North East Local Live page.See the latest reaction to the news on the BBC North East Local Live page.
A taskforce set up to support workers after the mothballing announcement was meeting when news of the liquidation emerged.
Middlesbrough South Labour MP Tom Blenkinsop, who was attending, said: "Our thoughts and heartfelt feelings go out to every worker and their families at this time, during the obvious pain and disappointment they will be feeling."Middlesbrough South Labour MP Tom Blenkinsop, who was attending, said: "Our thoughts and heartfelt feelings go out to every worker and their families at this time, during the obvious pain and disappointment they will be feeling."
Devastating newsDevastating news
The GMB union said it was seeking to establish what liquidation would mean for the future of the workers.The GMB union said it was seeking to establish what liquidation would mean for the future of the workers.
Roy Rickhuss, general secretary of the Community union, described it as devastating news for the workforce, their families and the community.Roy Rickhuss, general secretary of the Community union, described it as devastating news for the workforce, their families and the community.
"We will be taking steps to ensure our members' interests are represented through this process and putting claims forward for what they are owed," he said."We will be taking steps to ensure our members' interests are represented through this process and putting claims forward for what they are owed," he said.
Earlier, the government revealed plans for an aid package for workers worth "up to £80m" but it was swiftly followed by a warning of "more bad news to come" from Business Secretary, Sajid Javid.Earlier, the government revealed plans for an aid package for workers worth "up to £80m" but it was swiftly followed by a warning of "more bad news to come" from Business Secretary, Sajid Javid.
He said details of the funding package were still being worked through, but it would include retraining and help for those setting up small businesses. He said the package would include retraining and help for those setting up small businesses but ruled out government intervention to save the steelworks.
"With the global price in steel collapsing by more than a half because of huge over capacity in just a year alone, and this plant making steel at a cost which is above the world price, I don't think anyone realistically has looked at this and thought that there's a way to keep this going as a viable business," Mr Javid said.
"Notwithstanding the EU state aid rules that would make it illegal. So that's why our focus has rightly been around making sure that the workers get the support that they need - and that's what this package is about."
'Forget Thai company''Forget Thai company'
Business Minister Anna Soubry, added: "It's not lost on anybody the importance of keeping the coke ovens going, we know that if you don't have the coking ovens working they will collapse.Business Minister Anna Soubry, added: "It's not lost on anybody the importance of keeping the coke ovens going, we know that if you don't have the coking ovens working they will collapse.
"All the people that need to be aware of the importance of keeping the coke ovens alight know that, they know the need to act quickly."All the people that need to be aware of the importance of keeping the coke ovens alight know that, they know the need to act quickly.
"Forget the Thai parent company. Forget them completely, they've got their own problems of debt so bad they have gone into this rehabilitation order. The three people in charge are the three Thai banks. "Forget the Thai parent company, forget them completely. They've got their own problems of debt so bad they have gone into this rehabilitation order. The three people in charge are the three Thai banks.
"The most important thing is what happens now with the £80m support package." "The most important thing is what happens now with the £80m support package.
"Some of it will go on redundancies but the majority is to get people into the training and the skills they need for alternative work. "Some of it will go on redundancies but the majority is to get people into the training and the skills they need for alternative work."
But Mr Blenkinsop said: "We need to keep talking with the government, but my understanding in relation to state aid is that it only applies to companies that trade.But Mr Blenkinsop said: "We need to keep talking with the government, but my understanding in relation to state aid is that it only applies to companies that trade.
"Now this site is no longer trading, it has been liquidated. These are assets owned by three Thai banks but they are not trading."Now this site is no longer trading, it has been liquidated. These are assets owned by three Thai banks but they are not trading.
"Therefore, we need to make the argument with the receiver that the quickest way to make value of these assets for those creditors, is to put them in the hands of people who potentially want to run them and trade.""Therefore, we need to make the argument with the receiver that the quickest way to make value of these assets for those creditors, is to put them in the hands of people who potentially want to run them and trade."