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 pressure,” it adds.
It continues that its financial situation has been “further exacerbated by steadily increasing overheads, most crucially, utility costs which continue to rise, affecting both ourselves and our customers.”
“Despite significant investment and financial support from the shareholders over many years, these factors have negatively affected MSL’s performance and with no prospect of improvement, it is simply not viable for the company to continue operations,” it notes.
In the year to September 2025, the company reported a loss before tax of £718,000 ($958,630), rising from a loss of £212,000 the year previous, according to its most recent Companies House filing.
Sources tell Kallanish that workers have been informed, with a consultation process currently underway. The company’s website says it has 101 employees and two sites, which specialise in strip products, processing 150,000 tonnes/year of steel.
DITH bought the firm that became Meridian Steel in May 2019. Kallanish has contacted DITH for comment.
Author: Carrie Bone
