101 jobs go as AIC Steel, Newport, goes into administration
More than 100 jobs have been lost in Newport due to a steel firm going into administration, it has been confirmed.
AIC Steel Limited was set up in 2013 to buy another steel firm in the city, Rowecord Engineering, which also went into administration three years ago.
Joint administrators David Hill and Huw Powell, from Begbies Traynor, said on Wednesday that 101 posts had been made redundant.
A further 29 staff will stay on to assist with the business.
The administrators said they are looking at the viability of continuing trading.
The company, like its predecessor, has been involved in making specialist steel fabricated structures used in the building of sports stadiums around the world.
One of its recent projects has been the Bristol City football and rugby stadium re-development at Ashton Gate.
Only in 2012, there were 1,000 people working at the factory in Newport, under the shadow of the city's transporter bridge.
Rowecord had supplied materials for the roof of London 2012's Olympic aquatics centre.
The new Saudi owners by late 2014 had 23 orders on books, worth £10m.
Workers were called in on Tuesday lunchtime and 101 were sent home, with the remainder kept on to tide over the business.
One supplier, Dyfed Steel in Llanelli, Carmarthenshire, said although it had not supplied the company this year, AIC placed an order for steel worth more than £5,000 last Thursday, three working days before going into administration.