Alphasteel was placed into recievership in December 2008
Alphasteel sold
Administrators confirm that Russian firm Libala Ltd has purchased Alphasteel for £57 million.
This is good news for the Steel community of South Wales as Alphasteel had ceased trading in 2007 after being placed in receivership.
Community has been providing support and advice to our members at Alphasteel since the redundancies and have lobbied the Welsh Assembly to support efforts to find a buyer.
Community is now hopeful that the Alphasteel site will resume production in December 2008 or early 2009.
COMMUNITY UNION WINS £2 MILLION VICTORY ON BEHALF OF FORMER ALPHASTEEL WORKERS
Today at the Cardiff Employment Tribunal, Community Union, representing former employees at Alphasteel in Newport, secured compensation for its members who were thrown on the scrapheap when the company went bust just before Christmas.
The £2 million award is in respect of Alphasteel’s failure to consult with the workforce and Community before going into receivership.
The Tribunal Judge ruled that the former workers had been unfairly treated and should have been consulted prior to the closure of the plant.
Michael Leahy, Community General Secretary said:
“This is a great victory for Community members who were so badly treated by Alphasteel; at least now they will receive some compensation. The Union’s hard fought campaign demonstrates the value of being a member of a recognised trade union.”
Jenny Smith, Community Regional Director said: