Steel stockholder sold out of administration
A steel stockholding business has been sold out of administration without any loss of jobs.
Dudley-based Meridian Metal Trading has been bought by Meridian Steel, part of the DITH Group, for an undisclosed sum.
The holding company of the DITH Group is Duferco International Trading Holding, a Chinese-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 at Grazebrook Industrial Park, Peartree Lane, Dudley and employs aorund 170 people across five locations in the UK including service centres in Dudley, Sheffield and Guildford and sales offices in Bolton and Newport, South Wales.
Allan Graham and Matthew Ingram, of Duff & Phelps Ltd, were appointed joint administrators on April 2.
Mr 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 DITH Group has a global footprint of 38 steel service centres, with closely integrated trading and production activities, which is expected to ensure the commercial and business reach that will support Meridian Steel.