SteelBuy, an online trading platform launched by thyssenkrupp Materials Services in the UK three years ago, shut down at the end of September, according to Kallanish.
"We have decided to discontinue the operation of the SteelBuy online platform for steel trading," the message says. This is stated in a statement from the parent group sent to Kallanish.
"This decision was not made lightly, and after careful consideration, it was concluded that SteelBuy will cease providing services on its platform and wind down its operations on October 1, 2025," tk Materials Services said in a statement.
The closure will be carried out in an orderly manner, which means that active transactions will still be completed, but new transactions will no longer be accepted, the company notes.
Launched in December 2022, the integrated platform was primarily aimed at excess inventory. By anonymizing buyers and sellers, it eliminated aspects that had previously created barriers to trade, the company said at launch.
The company says it has made a proactive decision on how best to use the information gained on digital trading platforms and platforms in the steel market.
"Based on this, we are confident that we have identified the most appropriate areas of technology application and accumulated experience," the report says. Now the company will focus on transferring the acquired knowledge to other areas of its core business.
The company adds that this does not mean the end of the SteelBuy brand, as it still sees value and opportunity in the platform's technology.
Christian Kel Germany
Kallanish.com
