Ailing ASW to cut 400 steel jobs

LOSS-MAKING steelmaker ASW Holdings confirmed yesterday that it was cutting almost 400 jobs this year in a bid to return to profitability.

The reductions, which represent about a quarter of the workforce, follow ASW's pounds 40m acquisition of Co-Steel Sheerness in January. The firm said its pre-exceptional, pre-tax losses widened to pounds 17m in the first half from pounds 3.8m in the six months to June last year. About 220 jobs are to go in Cardiff, with the balance lost in Sheerness. ASW said it had made provisions of pounds 19.9m for redundancy and closure costs.