Over 100 jobs have been axed at AIC Steel after the firm called in administrators just three years after setting up with high hopes of securing major London high-rise orders.

Administrators from Begbies Traynor have kept on a core of 29 staff while they investigate whether the firm could continue to trade.

The global steel giant launched itself into the UK steel market with ambitious plans to invest £10m in Rowecord’s Newport plant and open a design and engineering office in London to target major projects.

It set its sights on achieving a £20m turnover but ended up supplying other steelwork contractors with subcontracted work.

There were signs of problems at Newport a year ago when around 40 workers were laid off in a restructuring exercise.

But the administration came without warning leaving the workforce stunned and several steelwork contractors exposed on subcontracted jobs.

AIC’s largest orders were for the redevelopment of Bristol City’s football stadium at Ashton Gate and the development of 57 luxury apartments in Westminster, London.