Rescue deal safeguards jobs at steel business

Around 170 jobs have been safeguarded after the business and assets of a Black Country steel stockholder were acquired out of administration.

Administrators Allan Graham and Matthew Ingram of Duff & Phelps have sold the business and assets of Meridian Metal Trading to Meridian Steel, part of the DITH Group.

The company appointed administrators on April 2.

The holding company of the DITH Group is Duferco International Trading Holding SA. It is a Sino – European joint venture with its main operating company based in Lugano, Switzerland.

In 2018 the company handled around. 17 million metric tonnes of steel and raw materials. It has active commercial interests in over 108 countries servicing over 49,000 customers worldwide.

Established in 1987 Meridian Metal Trading is headquartered in Dudley in the West Midlands, and employs around 170 people across five locations in the UK comprising service centres in Dudley, Sheffield and Guildford, and sales offices in Bolton and Newport, South Wales.

Graham said:: “This is a superb outcome for the business and Duff & Phelps is delighted to have been able to secure its future. We believe we identified the ideal buyer, ensuring that Meridian Metal Trading becomes part of a truly global enterprise, a great result for the business and the West Midlands.”

The administrators were advised by Addleshaw Goddard and Meridian Steel Limited was advised by Clyde & Co.

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