Low demand and high cost have been blamed for the closure, which comes after Bradken stocks fell to less than 50¢ compared with $3.85 in 2012.

Bradken managing director Brian Hodges said that the firm was a cyclical business, and was mindful of making heavy cuts, lest it lose the ability to pick back up with the mining industry.

However, workers at Youngtown were told on Thursday that the plant would close in four months.

Bradken executive general manager Brad Ward said that low plant volumes had contributed to the Launceston foundry and machine shop.

Australian Manufacturing Workers Union’s John Short said the closure was a terrible decision.

‘‘These workers and their families will be obviously worried over the next few months,’’ Mr Short said.

‘‘We ought to do everything we can to secure these jobs – we’re calling for the state government to intervene and find out what can be done to save the jobs here.’’

He said he understood the factory had orders through to June, and was often used for the creation of first-run products.

State Growth Minister Matthew Groom said the State Growth Skills Response Unit had contacted management, and would soon be on site.

‘‘The Department of State Growth is engaging with management but we note there has been no request for assistance,’’ Mr Groom said.

‘‘As a supplier to Caterpillar they will have suffered the downstream effect of its decision to relocate to Thailand.’’

Opposition Leader Bryan Green said the decision would soon leave the state with almost no manufacturing ability.

‘‘The Liberal government cannot sit on its hands and watch manufacturing jobs constantly being shed in Tasmania,’’ Mr Green said.

Tasmanian Senator Helen Polley said job losses would have a devastating impact on the community.

‘‘These workers, their families and the community are pleading with state and federal governments to work with Bradken to resolve this situation so Northern Tasmania does not lose 100 jobs,’’ Senator Polley said.

Bass Liberal MHR Andrew Nikolic was contacted for comment.

The international steel castings company has shed about 50 jobs in the past three years, including 33 from its 102-strong workforce in 2013.

A further 18 staff were cut last year.

Bradken’s Youngtown plant began operations as Johns Perry Castings in 1833.