British Steel's rescue hopes may be complicated by the compulsory sale of its share of a port in Redcar.The troubled company held a 50pc stake in Redcar Bulk Terminal, a deepwater port on the River Tees. Jingye, the Chinese company planning on buying British Steel, had been using the stake as leverage in its negotiations with other ports – a tactic that could now be scuppered. The port is next to derelict steelworks previously run by Thai company SSI. Despite SSI UK, its British arm, collapsing five years ago, receivers are exercising a pre-emption right to buy British Steel’s 50pc stake in the port in an £11m deal, with a loan from the Thai parent business.
Source : https://www.telegraph.co.uk/business