Allied Steel and Wire, a once prospering employer in Cardiff, Sheerness and Belfast, went into receivership on July 10, 2002.

It had run into trouble as market conditions in the steel industry worsened.

Most of the staff at the Cardiff plant lost their jobs and a skeleton staff was kept on to wind up the business. The Sheerness operation continued to function but with heavy storm clouds hanging over the future.

Just eight days later on July 18th, it was announced that the Pension scheme was being wound up.

Downing Street march

This meant no guarantees that people who have contributed for decades to the scheme would get the pension they'd believed was there for their retirement.

Rumours spread quickly that the Pension fund was in deep trouble. A march was organised across Cardiff, ASW workers went to Blackpool, to the Labour Party Conference to lobby support.

They even went to Downing to meet a Policy Advisor to Tony Blair. They received 'tea and sympathy'.

ASW had been an independently owned UK Steel Company formed in 1981 through a partnership between British Steel and GKN in 1981.

No guarantee

There was a management buy out in 1987 and it was floated on the stock market in 1988.

It was announced this week that a buyer has been found for the firm - Spanish company, Celsa Group.

The Cardiff plant is likely to reopen and some may get their jobs back, but not their guaranteed pension.

The Sheerness plant will close and 190 people will lose their jobs there in the next three weeks.