Thamesteel, the Kent-based steel producer, is in administration today and Mazars have been appointed as administrators. The plant has a turnover of £100m and its plant is in Sheerness. The company can produce more than 800,000 tonnes of steel billet a year and produces other steel long products such as wire road and bar. These products are mainly used in construction and there has been a slowdown in the demand in the UK and Europe. No statement has been released yet by the company or its administrators.
The 400 workers are expected to be updated today on the future of the plant.
Thamesteel was bought by Saudi Arabian company Al-Tuwairqi Group in 2002.
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