A steel company employing more than 400 people has gone into administrative receivership.
A steel company employing more than 400 people has gone into administrative receivership.
Trade union Community said the news about Alphasteel in Newport was "terrible" and "couldn't have come at a worse time," days before Christmas.
Trade union Community said the news about Alphasteel in Newport was "terrible" and "couldn't have come at a worse time," days before Christmas.
Politicians called it "devastating." The firm, which announced 80 job losses last month, has not commented so far.
Politicians called it "devastating." The firm, which announced 80 job losses last month, has not commented so far.
Michael Leahy, head of the union, said the company should be profitable and it should be able to find a buyer.
Michael Leahy, head of the union, said the company should be profitable and it should be able to find a buyer.
The company was founded in 1974 and taken over by Swiss-based Satico Ltd in 2003.
The company was founded in 1974 and taken over by Swiss-based Satico Ltd in 2003.
Mr Leahy said his union had "desperately tried to help the company out of the situation it has found itself in".
Mr Leahy said his union had "desperately tried to help the company out of the situation it has found itself in".
The highly skilled, efficient and effective workforce deserve long-term security and we will do our utmost to ensure all avenues are explored to keep these vital jobs John Griffiths AM, Newport East
The highly skilled, efficient and effective workforce deserve long-term security and we will do our utmost to ensure all avenues are explored to keep these vital jobs John Griffiths AM, Newport East
He said Community would work with the receiver, the Welsh Assembly Government and other bodies to try to find somebody to acquire the firm.
He said Community would work with the receiver, the Welsh Assembly Government and other bodies to try to find somebody to acquire the firm.
Mr Leahy said if there were redundancies the union would ask for help from the assembly government to provide counselling and support for workers and their families.
Mr Leahy said if there were redundancies the union would ask for help from the assembly government to provide counselling and support for workers and their families.
Newport East MP Jessica Morden said: "This is absolutely devastating for the hundreds of workers just before Christmas.
Newport East MP Jessica Morden said: "This is absolutely devastating for the hundreds of workers just before Christmas.
"I want to assure them that we will do everything we possibly can to work with the receivers, unions and Welsh Assembly Government to seek potential buyers".
"I want to assure them that we will do everything we possibly can to work with the receivers, unions and Welsh Assembly Government to seek potential buyers".
Newport East AM John Griffiths said: "The highly skilled, efficient and effective workforce deserve long-term security and we will do our utmost to ensure all avenues are explored to keep these vital jobs".
Newport East AM John Griffiths said: "The highly skilled, efficient and effective workforce deserve long-term security and we will do our utmost to ensure all avenues are explored to keep these vital jobs".
'Important tradition'
'Important tradition'
Mr Griffiths said the "buoyant steel market" should make it possible to find a buyer.
Mr Griffiths said the "buoyant steel market" should make it possible to find a buyer.
"Steel is embedded in Newport, as well as our nation's history, and I hope that the 400-plus jobs, as well this important tradition, can soon be saved"
"Steel is embedded in Newport, as well as our nation's history, and I hope that the 400-plus jobs, as well this important tradition, can soon be saved"
Ahead of today's separate developments, British Gas Trading confirmed they had submitted a winding up petition against Alphasteel to the courts in London earlier this month over debts owed.
Ahead of today's separate developments, British Gas Trading confirmed they had submitted a winding up petition against Alphasteel to the courts in London earlier this month over debts owed.
Alphasteel was established in 1974 with the aim of operating a 'mini-mill' steel works "producing an alternative supply of hot rolled sheets and coils for UK consumption," said its websute
Alphasteel was established in 1974 with the aim of operating a 'mini-mill' steel works "producing an alternative supply of hot rolled sheets and coils for UK consumption," said its website
Phillip Price, correspondent for Metal Bulletin, an industry publication said: "The parent company of Alphasteel [Satico Ltd] was placed into administration in Switzerland, which is currently under appeal.
Phillip Price, correspondent for Metal Bulletin, an industry publication said: "The parent company of Alphasteel [Satico Ltd] was placed into administration in Switzerland, which is currently under appeal.
"Alphasteel had a petition to wind up the company filed against it and a court hearing has been scheduled for next year.
"Alphasteel had a petition to wind up the company filed against it and a court hearing has been scheduled for next year.
"What is clear is that Satico Ltd's future is in doubt and that of Alphasteel as well.
"What is clear is that Satico Ltd's future is in doubt and that of Alphasteel as well.
"We understand the Alphasteel plant was shut down after Satico Ltd went into receivership and isn't scheduled to open until January - the firm says it is shut for planned maintenance.
"We understand the Alphasteel plant was shut down after Satico Ltd went into receivership and isn't scheduled to open until January - the firm says it is shut for planned maintenance.
"It's very confusing, but very interesting that since Alphasteel was acquired by Satico it has had a number of problems - problems getting electricity, they've had to make redundancies."
"It's very confusing, but very interesting that since Alphasteel was acquired by Satico it has had a number of problems - problems getting electricity, they've had to make redundancies."
He said the future for both firms was in doubt until matters were resolved for Satico Ltd.
He said the future for both firms was in doubt until matters were resolved for Satico Ltd.
Do you work at Alphasteel? Can you tell us any more about what has happening or how it has affected you?
Do you work at Alphasteel? Can you tell us any more about what has happening or how it has affected you?
