Welsh steel stockholder Ultimate Steel Fabrications has gone
into administration after accruing debts totalling
£160,000 ($258,270), according to a statement issued by
insolvency practice SFP Group on Friday May 11.
Based in Caerphilly, Ultimate Steel supplies steel to the
construction sector. It mainly holds stocks of stainless and
engineering steels but also supplies aluminium, SFP added.
Poor demand for construction projects in the current economic
climate is hitting suppliers and their margins, according to
"There are still too many suppliers chasing too little
business," group partner and administrator Simon Plant said.
The stockholder had been trading for six months and, according
to SFP, annual turnover would have been about £800,000.
In February, Ultimate Steel secured a loan facility with Aldermore