SIPTU attempt to find compromise at ISPAT

The Trade Union SIPTU representing the workers at the ISPAT steel plant in Cork are to meet with management of the company following the closure of the

operation yesterday.

About four hundred jobs are to be lost at the former Irish Steel plant in Haulbowline in Cork because it has racked up debts of over £36m since it was bought of the Government.

Irish ISPAT says that it could no longer sustain the monthly losses of up to £750,000 that were being made by the Cork plant.

Management has blamed the high costs of electricity and labour as well as

the downturn in the use of steel products across the globe as the other

reasons for the closure.

However the trade union, SIPTU remain optimistic that they will be able to negotiate an offer that could see the four hundred jobs being saved and will meet with the management in private to see if a compromise can be reached.