Allied Steel & Wire hopeful for part-business sell-off

Allied
Steel & Wire’s receivers say they hope to sell at least some of the
business to new owners.

The
future of 1,300 jobs depends on the Cardiff-based company’s survival.

Richard
Hall, of receivers KPMG, said there could be a solution depending on the
reaction of customers, suppliers, and potential purchasers.

ASW,
the UK’s second largest steel company, called in receivers on Wednesday after
it failed to secure financial support from banks following the announcement of
US steel export tariffs.

Its
shares were suspended on the London Stock Exchange.

Prime
Minister Tony Blair and Welsh Assembly ministers have pledged to do all they
can to help threatened workers.

The
company employs 1,000 in the Cardiff, 300 at Sheerness in Kent and 30 at
Belfast.

By Quentin Reade

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