“This agreement is an important step forward in the revitalization of this area,” said Nomi Ahmad, head of Sembcorp`s UK Business. As part of the agreement, SSI will not fight the OPC, in fact withdraw from the CPO process. He said: “Thanks to the unification agreement we have reached, we can give new life in an area that was devastated after the closure of the steel mills. I thank the representatives of the ISS and all those involved in the negotiations who have worked so hard in recent days to cross the finish line. The road to this point has not always been simple or linear, but thanks to the hard work, commitment and commitment of all concerned, I am pleased that we have reached an agreement that works for all parties involved. There is no doubt that we will know, in due course, the detailed financial conditions of the liquidation – but I hope that this agreement will be the springboard for an industrial renaissance for Teesside. I am pleased that we have reached an agreement with SSI today to take back control of the former Redcar steelworks. The FIA Law and Compliance Division regularly publishes and updates standard agreements for the future-give-up process. FIA Tech, on the other hand, manages the Electronic Give-Up System (EGUS), which allows brokers, traders and customers to electronically execute standard give-up agreements. Companies can use standard agreements either manually on paper or electronically in EGUS. Standard traders and customer give-up agreements are available here for download. The versions were last updated in April 2008 and are the standard chords used in EGUS. Two documents explaining the revisions to the 2008 standard agreements are also available for download.

I am the bearer of what I consider to be good news – it is productive discussions that have resulted in a conciliation agreement. The deal comes a month after STDC took control of an additional 1,420 hectares at tata`s site. Now that an agreement has been reached, the door is open to Mayor Houchen to ensure investment in the site, so that rehabilitation can begin and well-paying jobs can be created. Negotiations are underway to secure the remaining 870 hectares of land that SSI is bankrupt, but if no agreement is reached with Thai banks, Houchen has committed to launch a mandatory procurement procedure in March to regain control of the ISS country. Mr. Houchen hopes that the agreements will allow the site, which has been empty since the collapse of the ISS five years ago at the height of the steel crisis, to be renovated and which puts thousands out of work. To ensure that both areas exploit their potential and attract the right companies to the most appropriate sites, STDC and Sembcorp have signed a Memorandum of Understanding – a joint investment support agreement that directs companies to the site best suited to their needs. The Labour Party fully supports, as the North East Manifesto indicates, the plans to return the steel industry to Teesside and fully endorses the proposal for bow furnaces.

South Tees Development Corporation (STDC) has signed a pioneering partnership agreement with energy and supply company Sembcorp to maximize investment opportunities at two of Tees Valley`s major industrial sites.