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Report: 600 Midlands jobs at Caparo confirmed 'safe'

More than six hundred people were told today that their jobs in the Black Country are safe following the collapse of engineering and steel firm Caparo.

Ten of the businesses in the Caparo group have been bought out of administration by an engineering conglomerate with operations in the UK, Dubai, Singapore and Hong Kong.

Watch our report from ITV News Central's Business Correspondent Mark Gough here.

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More than 1,000 jobs saved at Caparo

More than 1,000 jobs have been saved at the steel firm Caparo.

In October it was announced that more than 300 jobs would be lost at a number of sites across the West Midlands.

Ninder Johal, President of the Black Country Chamber of Commerce, said the news was "great news for the supply chain too".

It is as yet unclear how many of jobs saved will be in the Midlands.

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Report: Loss of hundreds of jobs at Caparo in West Midlands

More than three hundred jobs in the West Midlands were lost today when steel company Caparo announced a wave of immediate redundancies.

Watch ITV News Central's the report from Business Correspondent Mark Gough on today's developments below.

Minister: Caparo cuts 'bad news' for Black Country

Small Business Minister Anna Soubry MP has said that getting Caparo employees back into work must be a priority.

Caparo job losses blamed on 'commercial prospects'

Caparo announced the job losses today Credit: ITV News Central

Administrators for Caparo have blamed the redundancies on the 'commercial prospects' of the businesses where cuts have been made:

"It is with regret that we have made these decisions today, but the commercial prospects of the affected businesses render them unviable.

"We thank those former members of staff for their service to CIP; we will work closely with them, their representatives and agencies to ensure that their redundancy and other claims are handled efficiently at this difficult time."

"We will also work closely with other bodies who naturally will want to assist at this time with regard to future employment opportunities."

"At this difficult time, our focus, together with the 1,200 strong CIP team, remains on keeping these businesses stable and satisfying all customers who are supporting the operations, while exploring all options and interests for the disposal of the businesses.

"We are encouraged by the interest expressed in many of the businesses and hope to make substantial progress on this during November. We would like to thank all staff for their continued commitment and we will make every effort to help the workers affected by today’s announcement."

– Matt Hammond, PwC partner and lead Administrator
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