Dozens of jobs lost as steel firm goes into administration

A steel firm based in Birkenhead docks has closed with the loss of dozens of jobs after going into administration.

Atlantic Steel Processing called in administrators after suffering a fall in sales and after an attempt to sell the company fell through. Most of its 41 staff have now lost their jobs after the businesses closed.

Atlantic Steel Processing was founded in 2001 to supply steel products across the UK and Ireland. It specialised in steel decoiling - taking rolled steel shipped into Birkenhead and uncoiling it and pressing it into flat sheets so it could be used in industry.

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The company billed itself as the only steel processor of its kind inside a port with direct access to a quay, and boasted “the world’s widest decoiling line” at its base in Vittoria Dock, Duke Street, Birkenhead.

Richard Goodall and Martyn Rickels, of specialist business advisory firm FRP Advisory, have been appointed as joint administrators.

They said: “The company faced challenging trading conditions primarily due to a reduction in demand which resulted in cash flow difficulties and impacted its ability to operate.”

They said that after an accelerated sale process did not find anyone to buy Atlantic Steel Processing as a going concern, the company was put into administration “as part of an orderly wind down”.

Most employees were made redundant soon after administration “with a small number retained temporarily to assist the joint administrators with the wind-down process”. The remaining assets of the business are being sold by property agency Sanderson Weatherall.

Richard Goodall, director at FRP and joint administrator of Atlantic Steel Processing, said: “Unfortunately, mounting external pressures, most notably a reduction in demand and movements in commodity prices, resulted in the business being unable to meet its financial obligations. Regrettably, this meant the necessary closure of the business.

“We are now supporting the employees affected to file claims with the Redundancy Payments Services and would encourage any parties with an interest in acquiring the assets to make contact with us as soon as possible.”

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