Written - Alphasteel Administrators Announce Completion of Sale to Libala Ltd

I am making a written statement to update Members on the latest position regarding the Alphasteel Works at Newport, Gwent, which was placed into administration on 20 December 2007.

I am very pleased that on 16 July Begbies Traynor, the Administrators of Alphasteel, announced completion of the sale of the Newport Plant and certain of its assets to Libala Ltd, a company affiliated to Mirinvest, an investment business with interests in a number of steelmaking plants.

I am sure those affected by, and with interests in, the Alphasteel Plant will be greatly encouraged by the Administrators' comments that the sale should secure the future of the Newport Works.

In previous statements to Assembly Members on this issue I outlined the vast potential the Alphasteel Plant has to offer. We now look forward to discussing with Libala Ltd their future plans for the business.