Online market platform SteelBuy, launched by thyssenkrupp Materials Services in the UK three years ago, ended operations at the end of September, Kallanish reports.
“We have made the decision to discontinue the SteelBuy online steel trading platform,” the parent group says in a statement sent to Kallanish.
“This decision has not been taken lightly, and after careful consideration it was concluded that SteelBuy will discontinue its platform services and wind down operations effective October 1, 2025,” tk Materials Services says.
The closure will be carried out in an organised manner, which means that active transactions will still be completed, but it will no longer accept new transactions, the company notes.
Launched in December 2022, the end-to-end platform primarily targeted excess inventory. Anonymising buyers and sellers, it addressed aspects that had previously presented barriers to trade, the company claimed upon launch.
The company states it has made a proactive decision on how to best leverage the insights gained about digital marketplaces and platforms in the steel market.
“On this basis, we are confident that we have identified the most suitable areas of application for the technology and the expertise we have gained,” it writes. It will now focus on transferring the knowledge it has gained to other areas of its core business.
It adds that this does not mean the end of the SteelBuy brand as it continues to see value and opportunities in the platform technology.
Christian Koehl Germany
