Future irreversible for Ispat plant

Ispat finally pulled the plug last night on hopes of a possible rescue of all or part of its Cork harbour plant.

Unions at the plant had made more concessions in an effort to keep their jobs but everything rested on a meeting between Tanaiste Mary Harney and Ispat executives in London. That took place yesterday and put the lid on any chance of a change of heart. The closure, according to the owners, is irreversible.

It was always difficult to see a future for a plant that has burned more money than ore down the years. Ispat maintains it is losing £750,000 (#950,000) every month - and that is before it gets hit with a hefty bill for new environmental and safety measures rumoured to run to several million pounds.

With Ispat unable either to squeeze a profit out of the plant or to sell it, the writing was on the wall for some time.