We have offered assistance to the maximum level allowable within state aid rules to the company. However, this offer was not taken up by the company, because of their worsening financial and competitive position.
The company’s senior management have thanked the Welsh Government for our offer of support and for the speed and flexibility with which we responded, however, they have reluctantly decided that it is in the best interests of its employees and partners to file for administration, when a buyer for the business may be identified.
We will now work with the Administrators, Grant Thornton, to explore all options for securing the future of the company and we will of course discuss packages of support with any potential buyers.
The Economy Minister says that the Welsh Government offered 'maximum allowable' financial help to the steel firm Rowecord. But Edwina Hart told the Assembly that the company decided to turn the offer down because of its 'worsening financial position.'
The minister said that Rowecord's management thanked the Welsh Government but felt that the maximum financial support was still not enough. She said officials are in contact with administrators to look at a rescue package and said that she would offer support to any potential buyers.
£4 million is being spent on helping nuclear energy workers in North West Wales back into work.
The funding aims to help 1,200 staff at the Wylfa and Trawsfynydd sites prepare for future careers.
Wylfa, on Anglesey, is due to stop generating electricity in 2014. Trawsfynydd has already closed, and is in the process of being decommissione d.
The funding comes from the European Social Fund, the Welsh Government, the Nuclear Decommissioning Authority and local councils. Workers will be given career advice, mentoring, training and job-search help.
Hopes for a new power station at 'Wylfa B' were set back last month when two leading power companies withdrew their plans for the site.