Tata Steel signs agreement with SSI to sell TCP

Mumbai, Feb 25 (PTI) Tata Steel UK today said it hasinked an agreement to sell certain assets of Teesside CastProducts (TCP) to Sahaviriya Steel Industries UK, a subsidiaryof Thailand''s largest steel producer, at USD 469-million.

The transaction is expected to be completed by end nextmonth.

The definite agreement is the most significantachievement in the 22-months since Tata Steel began anexhaustive search for an alternative future for TCP, after theillegal withdrawal by a consortium of off-takers from a10-year supply agreement.

"I am very encouraged that after all our efforts we havebeen able to reach this agreement, which is good news for thehighly-skilled and dedicated Teesside workforce," Tata Steel(Europe), Managing Director and CEO, Karl-Ulrich K�hler, saidin a statement.

"I should point out that Tata Steel intends to retain amajor presence in Teesside. After the successful completion ofthis transaction, Tata Steel will remain one of the largestprivate sector employers in the area with more than 1,800employees," K�hler said. .