About our Teesworks news
Latest news on Teesworks, a large-scale redevelopment project of the former Redcar steelworks site, initiated following the liquidation of Sahaviriya Steel Industries UK Ltd in 2015.
The Tees Valley Combined Authority (TVCA) established the South Tees Development Corporation (STDC) to manage and potentially redevelop this area, with the project receiving governmental support since August 2017. Teesworks is notable for being one of Europe's largest brownfield remediation projects, with substantial investment totaling around £560 million, including government grants and prudential borrowing. This investment has contributed to significant job creation, land remediation, and the potential for substantial business rate income over the next 40 years, along with the development of a new 450m quay.
However, Teesworks has faced challenges, particularly concerning governance and transparency. Allegations of corruption and wrongdoing have been raised, affecting confidence in the project and posing risks to future investments. An independent review, commissioned by the Secretary of State, found no evidence of corruption or illegality but did identify issues related to governance and transparency. The review emphasized the need for improved systems of governance and finance within TVCA and STDC, to ensure transparency and value for money in managing public funds.