Discontinuation Announced for Billingham Project in Teesside

EQTEC has said that it would discontinue work on its Billingham Project in Teesside, UK.

Recent announcements from potential buyers expressing their intentions to close their Teesside operations have posed a significant setback for the EQTEC Company in its efforts to finalize the investment case for the Project. Notably, nearby industrial companies have cited rising operating costs in the UK and the ensuing competitiveness challenges as the reasons behind their decisions to shut down their Teesside operations. Given that the Project is already behind schedule in commencing construction, the Company is currently engaged in discussions with Scott Bros to explore options for recovering the maximum possible value from the investments made in the land and the Project. To date, the Company has invested a total of GBP4 million (US$4.9 million) in the Project.