Thamesteel: 350 workers to lose jobs at Sheerness plant
Up to 350 workers are to lose their jobs at a Kent steel firm which has gone into administration, it has been confirmed.
Administrators called in by Thamesteel in Sheerness have said that most of the workforce will be made redundant.
The firm, which employs 400 people in Sheerness, is one of the biggest private firms on the Isle of Sheppey.
Fifty jobs are to be retained to keep the plant in working order while administrators seek a buyer.
Accountancy firm Mazars has been appointed joint administrator of the steel company.
'Find a buyer'
Rod Weston, of Mazars, said: "Production at Thamesteel's Sheerness plant ended several weeks ago and the company voluntarily entered administration.
"The administrators, unfortunately, had to inform the workforce that a large number of redundancies need to be made.
"However 50 jobs are being kept so as to maintain the plant in full working order while the administrators work hard to try and find a buyer for the business."
Staff were told by administrators on Thursday that they would be made redundant.
Thamesteel describes itself as "one of the fastest growing steel manufacturers in the UK" with an annual revenue of more £100m.
In 2002, it was sold to Allied Steel and Works which then went into liquidation before the plant was acquired by the Saudi-based Al-Tuwairqi Group.