The coke ovens and blast furnace at SSI steel works plant in Redcar, Teesside, are to close, as no viable offers have been put forward by potential buyers, the firm's official receiver has said.
SSI was wound up by the High Court in Manchester on 2 October 2015 at the company’s request, and receiver Ken Beasley was appointed by the court.
Since then, Mr Beasley has maintained the site to ensure it remains safe while discussions with potential buyers took place, as he said SSI had "substantial debts" and no funds to purchase teh coal necessary to keep the ovens operational.
But in a statement today, he said he could no longer justify using public money to keep the site open.
There is no realistic prospect of a buyer being found and the priority now is to close the ovens down safely.
I cannot continue to draw on taxpayers funds to keep the ovens operational when there is no realistic prospect that a buyer will be found.
I am continuing my liquidation of the company, including talking with interested parties about purchasing the company’s other assets.
Some staff will be kept on while the site shuts down, he added, but said the number "will decline" as this progresses.
Hundreds of families in the North East are struggling to come to terms with the impending closure of the SSI steelworks plant in Redcar.
The government has decided to allow the steel plant at Redcar to fail. A tough decision to make and obviously an unpopular one.
China's economy is slowing, and the aftershocks are being felt as far afield as Redcar.