Malcolm Clarke's Manchester-based steel service center will close by the summer of this year, the company said in a letter to customers and suppliers.
The company stated that all existing and new orders will be completed in full and on time, before the scheduled closing date in June 2025. The closure may occur a little later than this date after an "orderly termination of operations," the company said in a statement. Suppliers will receive payment before closing.
Malcolm Clarke announced in its financial results for June 2024, published on April 2, that it was ceasing trading, so its financial statements were prepared "on a basis other than the principle of going concern."
"The business environment in which we operate is becoming increasingly unstable, with unpredictable market and regulatory changes, making it very difficult for small and medium-sized participants in the day-to-day spot market," the company said. Argus .
"Despite all our efforts to adapt and develop, we do not predict a significant improvement in the situation in the short or medium term," the company added, suggesting that changes in the market are structural and permanent.
The company, founded in September 1970, has two lines for unwinding large-sized coils, and also sells a reversible rolling mill.
