AIC STEEL in Newport has made 101 employees redundant after it went into administration earlier this week, it has been confirmed.

The company, based on Usk Way, employed around 130 workers in total. But administrators at business rescue and recovery specialists Begbies Traynor were appointed to the steel fabricator and erector business on Tuesday.

AIC has now confirmed 101 employees were made redundant on Tuesday, with the remaining 29 employees said to be continuing to assist the business.

A spokeswoman for the firm said: "Begbies Traynor is currently investigating the viability of continuing trading, while the administrators have also begun efforts to secure a buyer for the business."

AIC Steel is the British arm of a family-owned steel company based in the Middle East. It was established to acquire the business and assets of Rowecord Engineering Limited which was placed into administration in May 2013.

Since opening in Newport, in March 2014, the business has been awarded a number of industry accreditations and has also undertaken a number of high profile contracts, including one for Bristol City Football Club for work at its Ashton Gate stadium.