This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/wales/south_east/7156932.stm

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Buyers sought for steel company Buyers search for steel company
(about 4 hours later)
Administrators called in to a Newport steel plant are beginning the process of trying to find a buyer.Administrators called in to a Newport steel plant are beginning the process of trying to find a buyer.
The Alphasteel site which employs more than 400 people was put into administrative receivership on Friday.The Alphasteel site which employs more than 400 people was put into administrative receivership on Friday.
A team of 30 people is being kept on at the plant to carry out maintenance while potential buyers are sought.A team of 30 people is being kept on at the plant to carry out maintenance while potential buyers are sought.
Workers sent home without their weekly wages have described the announcement as a body blow coming just days before Christmas.Workers sent home without their weekly wages have described the announcement as a body blow coming just days before Christmas.
Assistant roller man at Alphasteel, Brian Silver, described the mood as angry: "It's devastating obviously. We've just been meeting with our colleagues, they've got families and no wages for the week.Assistant roller man at Alphasteel, Brian Silver, described the mood as angry: "It's devastating obviously. We've just been meeting with our colleagues, they've got families and no wages for the week.
"They are very angry because they have been misled for the last couple of years since we've been taken over by the Iranian company."They are very angry because they have been misled for the last couple of years since we've been taken over by the Iranian company.
We're hopeful that in the new year it reopens Alphasteel worker, Brian SilverWe're hopeful that in the new year it reopens Alphasteel worker, Brian Silver
"There they were saying there was positive news all the time, there was nothing to worry about, they had plans for the future and things were going to take off.""There they were saying there was positive news all the time, there was nothing to worry about, they had plans for the future and things were going to take off."
Mr Silver has already faced redundancy from steel works once before, after spending 32 years at Allied Steel and Wire in Cardiff.Mr Silver has already faced redundancy from steel works once before, after spending 32 years at Allied Steel and Wire in Cardiff.
Just a few days ago he said he was celebrating after the UK government announced a £2.9 billion package to restore pensions to those who had lost out when companies collapsed, including ASW workers.Just a few days ago he said he was celebrating after the UK government announced a £2.9 billion package to restore pensions to those who had lost out when companies collapsed, including ASW workers.
But he insisted that he remained confident about Alphasteel's future: "We're hopeful that the receivers have put sort of a positive slant on it, there have been a few inquires already. But he insisted he remained confident about Alphasteel's future.
"We're hopeful that the receivers have put sort of a positive slant on it, there have been a few inquires already," he said
"We're hopeful that in the new year it reopens.""We're hopeful that in the new year it reopens."
International interestInternational interest
The company was founded in 1974 and in 2003 was taken over by Swiss-based Satico Ltd, which is linked to an Iranian company.The company was founded in 1974 and in 2003 was taken over by Swiss-based Satico Ltd, which is linked to an Iranian company.
Business rescue specialists Begbies Traynor, who have taken control of the firm, said they are seeking to secure a sale to allow the business to return to full production.Business rescue specialists Begbies Traynor, who have taken control of the firm, said they are seeking to secure a sale to allow the business to return to full production.
Joint administrator Simon Thomas added: "The Newport site delivers a first class production facility, and interest has already been shown by international steel producers.Joint administrator Simon Thomas added: "The Newport site delivers a first class production facility, and interest has already been shown by international steel producers.
In separate developments, it has emerged that British Gas Trading had submitted a winding up petition against Alphasteel to the courts in London earlier this month over debts owed to them. In separate developments, it has emerged British Gas Trading had submitted a winding up petition against Alphasteel to the courts in London earlier this month over debts owed to them.
The Newport East assembly member, John Griffiths, said he was concerned at the developments, but remained hopeful for the site's future. Newport East AM, John Griffiths, said he was concerned at the developments, but remained hopeful for the site's future.
"I think one very positive aspect of it is we know that the market for steel is very strong at the moment and hopefully it will be possible to get a company, another enterprise to take over Alphasteel," said Mr Griffiths."I think one very positive aspect of it is we know that the market for steel is very strong at the moment and hopefully it will be possible to get a company, another enterprise to take over Alphasteel," said Mr Griffiths.
"We are very convinced that there is a very strong future for the firm and of course it does have a very dedicated and hardworking workforce."
Raw materialsRaw materials
However, the optimism is tempered by the views of Jonathan Deacon from Newport Business School. However, Jonathan Deacon from Newport Business Schooll, said a buoyant steel market may not be enough to help Alphasteel.
He has argued that a buoyant steel market may not be enough to help Alphasteel: "You need that production at the point where you are going to use it, i.e. take the steel and make it into something else. "You need that production at the point where you are going to use it, i.e. take the steel and make it into something else.
"Lets be honest, that isn't in the UK. That' going to be in places like China and parts of Russia. "Lets be honest, that isn't in the UK. That's going to be in places like China and parts of Russia.
"It's raw materials are the wrong raw materials to have right now, if you can have such a thing, and it's in the wrong place.""It's raw materials are the wrong raw materials to have right now, if you can have such a thing, and it's in the wrong place."