ONE hundred and fifty jobs have been secured following the takeover of Newport-based Mir Steel.

International steel and minerals group Liberty Commodities has taken over the Hot Rolled Coil (HRC) producer, formerly known as Alphasteel, which currently employs about 150 workers.

A spokesman on behalf of Mir Steel said he is “positive” these jobs would be safeguarded, but warned the creation of more would be “optimistic”.

An executive of Liberty confirmed they had completed the takeover of the Corporation Road steel mill on behalf of a consortium of Dubai-based Indian investors.

Liberty will also manage the mill on behalf of these investors as part of the agreement.

Haydn Swidenbank, operations director for Mir Steel, said: “We have a newowner - it’s positive news for the factory and it bodes well for the future.”

A spokesman for the company said the HRC mill would start rolling again shortly, with the focus on the domestic market first before moving to full production and also targeting exports.

The producer’s melt shop revamp will be monitored closely while, in the short term, slab will be imported primarily from Russia with other options also being pursued.

Mir Steel, then owned by billionaire industrialist Vadim Varshavsky, took over the Newport site after Alphasteel went into administration on December 20, 2007.

Alphasteel’s administrators sold the business and its assets to Mir for £57m.