Bangkok--1 Sep--SSI
Khun Win Viriyaprapaikit, President of Sahaviriya Steel Industries Plc. (“SSI”), Thailand’s largest steel producer, has signed a Memorandum of Understanding (“MOU”) with Corus UK Limited (“Corus”), a subsidiary of Tata Steel Group, relating to the proposed asset acquisition of Corus’s upstream steel production facilities, Teesside Cast Products (the “Proposed Acquisition”). The indicative consideration, payable upon completion, is approximately USD500 million. The Proposed Acquisition will create stability in SSI’s raw material supplies, enhance its growth potential, reduce earnings volatility and provide opportunities for diversification.