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Major trader close to investing in UK’s Thamesteel - 18 January 2012

A major international commodities trading firm is close to concluding a deal to invest in Thamesteel, the UK-based mini-mill controlled by the Saudi-based Al Tuwairqi group, Steel Business Briefing learns from sources at the mill.

Trafigura, the international commodities trader, is the interested party, a source familiar with the matter confirms to SBB. The trading house is understood to be interested in providing finance for the business, without acquiring a stake in it.

The trader is currently conducting due diligence and that process is expected to be concluded within the next few days, SBB understands.

“The mill needs to find a partner by the end of this month to secure a future for Thamesteel,” another source at the mill comments. Production at the plant remains halted, SBB notes. A source at the Al Tuwairqi group confirmed that the company was still looking to attract outside investment, as reported by SBB.

Trafigura's ferrous division trades steel-making raw materials (including iron ore, coking coal, HBI and scrap), ferro-alloys as well as pig iron and steel billets.

Trafigura failed to respond to SBB's requests for comment.


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