WALES, UK - Tata Steel has decided to "mothball" its Orb steelworks in Newport, Wales rather than closing the plant as it searches for a new buyer, BBC reports.

According to the source, two companies have expressed interest in the plant. Liberty Steel, with a base in Newport, would like to take over the plant, while a US company Big River Steel is interested in using the site but only with another company operating it.

The Orb plant makes electrical steel used in power transmission industry and the car industry. Tata Steel announced plans to shut the plant in September putting 380 jobs at risk.

The company estimates it would cost $66 million (£50 million) to upgrade the Orb steelworks to allow it to produce the type of electrical steel that would be used in electric cars.

The Welsh and UK governments would be willing to invest in it if a new buyer can be found.

Source: BBC