Powered by Google

The story so far ...

April 2009: Corus says a takeover deal for TCP is still on the table - despite reports it is in jeopardy.

May 2009: TCP announces that four members of a consortium responsible for buying more than 80% of its slab has pulled out, triggering a 90-day consultation process with a view to mothballing.

June: Rallies are planned in support of TCP.

July: Hopes fade of rescuing a deal as the row between Corus and the consortium escalates.

August: TCP begins to make headway on filling its order book with external deliveries.

September: A new potential partner/buyer for TCP begins due diligence procedures.

November: Corus parent Tata says TCP cost it £130m in the first half of the year as it reveals a sharp drop in earnings. The same month Corus CEO Kirby Adams writes to staff, saying the company is “over the worst”.

December: Corus announces it will mothball TCP at the end of January with the loss of around 1,700 jobs. The decision comes as a shock to national unions, who learn the news as the CEO walks on to the plant. By now TCP has rebuilt 80% of its order book and returned to profit. But Corus says there’s no long-term solution. Local MPs meet Gordon Brown in Scotland to plead for his intervention. Lord Mandelson fails to meet Tata chiefs in India.

January 2010: Corus reverses its decision to mothball the South Bank coke ovens, saving around 100 jobs and says TCP can run until raw materials run out. The first inquiry hearing into the TCP crisis is held in Redcar. Kirby Adams meets Business Minister Pat McFadden.

February: MP Dari Taylor begins a one-woman crusade to bring Corus CEO Kirby Adams in front of her inquiry, which meets again in London. Corus confirms TCP will begin mothballing on February 19.

Share