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SSI UK rebuts Redcar warning

Sahaviriya Steel Industries UK (SSI) has played down a newspaper report at the weekend that auditors were warning about its financial viability of its plant in Redcar.

The Sunday Times said that accounts for the Thai company showed a pre-tax loss of $309m (£194m) in 2013 on top of $476m lost in 2012.

In response, SSI UK said the financial performance during 2014 had continued to improve, and in June a positive monthly EBITDA result was achieved for the first time since the plant was restarted in April 2012.

A company statement said: “This trend … is continuing and, with the support of the parent company, key stakeholders and suppliers, we are confident of achieving our goal of SSI UK becoming established as a viable and sustainable business.”

In a separate development, 60 chief executives from the steel industry across Europe have written an open letter to European governments and senior EU officials calling for support at an EU summit on 23-24 October.

They fear that competitors will get an unfair advantage if the new EU climate and energy framework maintains the emission trading system without sufficient safeguards to protect the industry and its four million employees.

The letter, published in the Financial Times, says: “Is it asking too much that at least the most carbon dioxide-efficient manufacturers in Europe must have no competitive disadvantage from EU climate policies vis-a-vis their global competitors?”

  • Ferrous dealers have told MRW that they are facing price falls of up to £20 per tonne. More in the next MRW issue

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