Sahaviriya Steel Industries UK (SSI), the UK-based subsidiary of Thai steelmaker Sahaviriya Steel Industries Public Company Limited, has suspended its production operations at its Redcar plant located in Teesside, northern England, as the company has suffered from declining steel prices, as stated in a report by Reuters.
Accordingly, the company said that it will negotiate with trade unions and employee representatives as soon as possible to clarify the effect this situation will have on its employees.
As previously reported, SSI UK missed several loan payments worth a total of £80 million and its financial problems raised concerns for the 2,000 jobs at the plant.