Rowecord: Economy Minister's statement

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.

– Edwina Hart AM, Economy Minister

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Fears for 400 steel jobs

Employees at Newport engineering firm Rowecord are facing an uncertain future after administrators were called in this morning. Rowecord's projects include the Aquatic Centre for the London Olympics and Cardiff City Stadium.