THAI firm Sahaviriya Steel Industries (SSI) could seek a listing on the London Stock Exchange if its bid to buy a North-East steel plant is successful.

The firm is expected to complete a £320m deal for Tata Steel’s mothballed Teesside Cast Products (TCP) in Redcar, east Cleveland, before the spring, which would mean almost half of its assets will be outside Thailand.

Speaking this week, the company’s president Win Viriyaprapaikit said SSI was in the final stage of completing the purchase and he was hopeful the deal could be completed in one to two months.

Mr Viriyaprapaikit added: “Prospects are good for us to list on the stock exchange in the UK to raise funds from its capital market and we are going to study the options.”

If a deal for TCP goes ahead it is expected the firm’s earnings would double to $50m to $100m a year, with the company aiming to take them to $200m in three to five years.

Mr Viriyaprapaikit had previously confirmed that the 700 steelworkers who remained at the facility after its partial mothballing would be kept on, with the potential for more jobs to come.

Following a meeting with Climate Change Minister Greg Barker last week, SSI has been given assurances that any expansion of the TCP site would not be hindered by EU emissions rules.

Firms are given an allowance as to how much carbon can be emitted and, if it is exceeded, must pay extra, potentially putting them at a disadvantage to firms outside the EU.

Redcar MP Ian Swales, who hosted the meeting, said SSI had been concerned the system would get in the way of it expanding production, but Mr Barker had reassured them the EU recognised some energy intensive industries needed special treatment.