The accountancy firm Mazars has announced that the UK-based steel producer Thamesteel Limited has been sold out of administration to a new company owned by the Saudi Arabia-based Al-Tuwairqi Group (ATG).
The sale will enable steel production at the Sheerness facility in southeast England to recommence with the recreation of a large number of the jobs lost when the company entered administration on January 25 this year.
The company entered administration putting 400 jobs at risk and Mazars was appointed as administrator for Thamesteel.
The Sheerness facilities 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.