A Newport-based steel plant mothballed in December after the collapse of its Iranian owners has been sold to a company controlled by Vadim Varshavsky, the Russian coal and steel magnate.
Alphasteel, which ranks second in the UK behind Corus as a supplier of steel reinforcement rods, is being bought for "in excess of £50m", according to Begbies Traynor, the company's administrators.
Mark Fry, joint administrator, said creditors owed about £150m could now expect to secure a reasonable proportion of their money.
Alphasteel will now be owned by Libala, a company affiliated to Vadim Varshavsky's Mirinvest, which has interests in a network of steelmaking plants in the former Soviet Union.
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