The city "was saddened to receive notice from Intermet regarding their intent to close the foundry, which has been a key component to the city's industrial base for nearly 120 years," according to a news release sent late Thursday. "As Radford's economy was built on the two major pillars of manufacturing and education, loss of such a long-standing element of our community will be deeply felt."

Intermet plans to close the New River Foundry on Dec. 12 and dismiss its remaining 76 workers. The plan was revealed Wednesday by Eddie Lowery, the Roanoke-based subdistrict director for the United Steelworkers International, and Ken Doss, president of the steelworkers local union at the plant.

"With the Intermet announcement and the recent closing of the Goodyear facility, Radford has lost approximately 400 automotive sector jobs in the past 18 months," the city's news release stated.

Like many localities, Radford is feeling the effects of the economic recession and state budget cuts.

The foundry's closing puts yet another burden on the city, officials said.

"We are still in the process of evaluating exactly what this means to the city's finances," City Manager Tony Cox said in the release.

When operating at its peak, Intermet provided a significant source of the city's revenue by using nearly a half of Radford's electric load.