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- Corus is back in the scrap market
Corus is back in the scrap market
Source: Materials Recycling Week
Leading steel producer Corus has started buying small tonnages of scrap, it has been confirmed.
Market sources told MRW that the company, which has not bought anything since October 2008, has been able to use its internal resources since this time because market demand has been so low.
However, the amounts being bought are relatively small and not significant enough to affect the market.
Corus could remain in the market for the next few months, however any future plans will be affected by how the markets behave.
Meanwhile Corus has decided to delay the initiation of legal action against consortium members regarding the Teesside Cast Products plant. The delay will allow talks to take place between Corus and the four consortium members over a contract they reneged on in April.
A spokesman for Corus said: “We are looking for a solution that will provide Teesside Cast Products with a viable future. The Offtake Agreement does not expire until the end of 2014 and there is an option to extend it beyond then.
“Corus is able to talk to anyone at any time about a possible sale of the plant.”
Corus declined to comment on media speculation that global steel firm ArcelorMittal is a possible choice to take over the plant.
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