Steel furnance

The closure of the Redcar steel plant in Teeside that resulted in more than 2,000 job losses has resulted in the owners losing $800million (£530m).

Thai company Sahaviriya Steel Industries (SSI) closed the plant in October, sparking industry wide calls for government support and policies to boost the UK's steel manufacturers.

The liquidation of the steelworks resulted in SSI reported a £600m loss for the third quarter.

SSI chief executive Win Viriyaprapaikit, said: "At present, the company on a conservative basis expects zero recovery after the completion of the SSI UK liquidation."

SSI bought the Redcar steel plant, which was used to produce steel for the Sydney Harbour Bridge and Auckland Harbour Bridge, from Tata in 2011.

Mr Win said the company saw demand drop 15% in the last quarter alone.

"Global steel over-capacity and demand imbalance since late 2014 and the continuous decline in steel prices resulted in a huge operating loss for the group this year," he added.