CLEVELAND Bridge has confirmed all its 230 workers have been informed about potential redundancies.
The Darlington-based firm - one of the great engineering icons of the North - informed staff today about the dire situation.
The company's vast headquarters on Yarm Road has been a symbol of engineering excellence for generations and the news will send shockwaves across the region.
A spokesperson for the company said: "HR1 notices have been registered and all 230 staff have been informed about potential redundancies.
"We are actively taking advice and looking at all opportunities."
Tees Valley Mayor, Ben Houchen, as well as Paul Howell and Peter Gibson, Tory MPs for Sedgefield and Darlington, issued a joint statement, saying the firm had a strong order book.
They said: “Our number one priority right now is making sure that Cleveland Bridge’s 200 members of staff, and their families, are supported at this difficult and uncertain time, and we will be working with Darlington Council and Government to ensure they get whatever support they need.
“Cleveland Bridge is a business with an amazing heritage that has been responsible for some of the world’s most iconic structures, including the Sydney Harbour Bridge and the Shard skyscraper in London.
“The skills of its workers are second to none and have led to the company having an enviable global reputation.
“The company has a full order book for the next 18 months, this coupled with the firm’s history, expertise and highly skilled workforce makes us optimistic that a buyer will come forward quickly for this iconic business.
“But it is critical that local jobs are protected as part of any deal to buy Cleveland Bridge.”
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