Jun 08 2012
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Thamesteel Exits Administration; Sold To Unit Of Al-Tuwairqi Group
Friday, Jun 08, 2012
By Alex MacDonald
LONDON--Thamesteel Ltd. has been taken out of administration following the sale of the U.K. producer to a company owned by Saudi-based Al-Tuwairqi Group , the joint administrators of the steelmaker said Friday.
Thamesteel went into administration in January following a protracted slump in steel demand stemming in part from the European sovereign debt crisis, which has taken its toll on the economy of the European Union 27-member bloc.
Thamesteel, based in southeast England, employed about 400 workers, and has a production capacity of 840,000 metric tons of billet and 600,000 tons of bar rod.
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