Steel firm Caparo has confirmed that there will be no job losses in Scunthorpe.
There were fears today that the news Caparo Industries Ltd could go into administration would mean job losses at its Scunthorpe base.
But the company has just announced that 16 of its subsidiaries will go into administration - but this will not include the Lincolnshire site.
A spokesman for PricewaterhouseCoopers, which has been appointed administrator, added:
“This is a significant business with a wide range of interests across steel, engineering, vehicles products and technologies. Its scale and reach into significant customers and its importance to suppliers cannot be understated. We will be rapidly assessing all options for the businesses through this week and beyond.
“The impact of steel prices and exchange rates has had an impact on some parts of the Caparo Industries group. However there are businesses in the group that are not directly affected by steel prices, and likewise many where there is both strong customer demand and critical supplier support.
“Our focus for the next 36 hours is on briefing staff across the group and working closely with their management teams to ensure that every opportunity for these businesses is considered. We will be working with all parties to ensure the best outcome for all creditors of each business.”
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