THE Indian Steel manufacturer, Ispat, which took over the former state owned Irish Steel company in Cork harbour last May, has announced that following discussions with the unions there are to be 22 voluntary redundancies at the plant, leaving the workforce at 340.
Ispat and the unions have been involved in discussions over a number of weeks on the company's need to react to a dramatic decline in the international steel market. Last May, the company signed a deal with the Government agreeing to invest £5 million immediately in the plant and commit itself to a £20 million investment over six years. It also guaranteed that the workforce would not fall below 300 over the next five years.