Tata Steel paid £80m in consortium settlement

Teesside Cast Products plant
Image caption The row between Tata Steel and the international consortium is now settled

An £80m arbitration settlement has been paid to Tata Steel by the international consortium which ended an agreement to take steel from its Teesside plant.

The consortium walked away four years into a 10-year deal, which led to the plant being mothballed in February 2010, and the loss of 1,600 jobs.

The Teesside Cast Products plant was bought a year later by Thai company SSI for £300m.

It is hoped that steel production will start up again later this year.

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