Cork steel works to close with the loss of 400 jobs

Over 1,000 jobs have now been lost in Ireland in the past week following the announcement that 400 jobs will be lost at the Irish ISPAT plant in Cork.

The company, formerly known as Irish steel, has announced that a liquidator will be appointed because it has debts of over £36m.

The company was bought from the Government in May 1996 and since then its owners have injected £24m into the Cork plant at Haulbowline.

However, in recent months it has struggled to meet its increasing cost and has been forced to close down the Irish operation.

The Tanaiste has described the announcement as regrettable because her department had been aware of the problems and were seeking to find alternatives.