UK-based Thamesteel enters administration

Friday, 27 January 2012 14:45:29 (GMT+2)

Thamesteel, a UK-based steel producer owned by Saudi Arabia-based Al-Tuwairqi Group, has entered administration putting 400 jobs at risk, local Community Union officials stated on January 26. Accountancy firm Mazars confirmed it had been appointed as administrator for Thamesteel on January 25.

Thamesteel's facilities near Sheerness in southeast England, include an electric arc furnace that melts steel scrap to produce long steel products mainly used in construction. Thamesteel can produce more than 800,000 mt of steel billet a year. Its long steel output includes wire rod and rebar.

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