TATA Steel's Orb plant in Newport is to close, with up to 380 jobs at risk, it has been announced.
The steelmaker had been attempting to sell five of its European operations, but had been unable to find a buyer for three, including Orb Electrical Steels in Newport.
Henrik Adam, chief executive of Tata’s European operations, said: “Today’s proposal will be sad news for colleagues at Orb in South Wales.
"This is necessary, enabling us to focus our resources, including investment, on our core business and markets, helping us build a long-term sustainable future in Europe.”
The organisation said the Orb plant has been loss-making for several years, and converting the site to create steels for future electric vehicle production would cost more than £50 million.
Mr Adam added: “Continuing to fund substantial losses at Orb Electrical Steels is not sustainable at a time when the European steel industry is facing considerable challenges. We saw no prospects of returning the Orb business to profitability in the coming years.
“I recognise how difficult this news will be for all those affected and we will work very hard to support them.”
The company has said affected employees will be offered jobs at other sites "where possible".
Facilities in Canada and Sweden will also close.
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