Alphasteel buyout likely to recreate jobs

Posted on 5 Jun 2008 by The Manufacturer

Newport steel company Alphasteel, which went into administration before Christmas with the loss of 390 jobs, has been bought for £50 million by Russian firm Libala.

It is hoped the buyout will signal the reintroduction of many of the lost job positions.

“We are pleased to have reached an agreement with Libala, which should yield significant returns for creditors,” said Chris Morris of administrators Begbies Traynor.

“It is our understanding that Libala intends to recommence production at the plant in due course and that some of the jobs will be restored.”