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Monday, April 26, 1999 Published at 12:52 GMT 13:52 UK


Business: The Economy

Steel jobs to go

Steel jobs are under threat

Up to 380 jobs in the steel industry are to go following the acquisition of Sheerness Steel by ASW plc.

The group said it would make 220 staff redundant with the closure of itsTremorfa Bar Mill in Cardiff and would shed around 160 in Sheerness, Kent, when it shuts a furnace and rod mill.

The Cardiff operation will close by the end of September and the Sheerness closure will be brought in by the end of July.

ASW says it will take a charge of 15m for the year, but will make savings of 8m annually from the closure.

The company said the rationalisation follows a review, undertaken against the background of over-capacity in ASW's principal markets and the need to re-establish ASW as a profitable business following losses last year.

It will invest approximately 4.7m in Cardiff to extend its product range as well as further investment of 5m in Sheerness to improve the quality, product range and increase output.



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