Meridian Steel (MSL), subsidiary of Duferco International Trading Holding (DITH), has started the process of winding up the business as its operations are no longer sustainable, Kallanish learns.
A statement by the board of directors says it is “with regret” that a thorough business review has concluded that the company’s operation is no longer sustainable. As a result, the board has taken the decision to commence the process of winding up the business.
It cites the reductions to UK steel quotas and increase in tariffs as being a “devastating setback”, with imports accounting for most of its feedstock.
“Moreover, the lack of protection for UK manufacturers utilising steel will inevitably put their business under…