Thai banks suffer biggest default since 1997
Sahaviriya Steel reneges on 50b baht of loans following UK venture's failure; this will knock earnings at top creditors
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Singapore
TEESSIDE, a gritty steel making district in England's north east, is almost as far removed as you can get from the steamy streets of Bangkok. The two collided this week to inflict the biggest default on Thai bankers since the Asian financial crisis.
Sahaviriya Steel Industries pcl, the Bangkok-based operator of South-east Asia's largest flat-steel manufacturing complex, reneged on 50 billion baht (S$2 billion) of loans on Monday following the failure of its four-year-old UK venture. The group said it was suspending production at the Teesside plant, which employs about 2,000 people, amid a drop in prices and a supply glut stemming from slowing economic growth in China.
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