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 slump in sales and after an attempt to sell the company failed. Most of its 41 employees have now lost their jobs after the businesses closed.

Atlantic Steel Processing was founded in 2001 to supply steel products to the UK and Ireland. He specialized in steel rolling – taking rolled steel delivered to Birkenhead and rolling and pressing it into flat sheets so that it could be used in industry.

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The company claimed to be the only steel processor of its kind in a port with direct access to a quay and boasted the “world’s widest coiling 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 experienced difficult trading conditions, mainly due to a reduction in demand, which led to cash flow difficulties and affected its ability to operate.”

They said that after an expedited sale process failed to find anyone to buy Atlantic Steel Processing as a going concern, the company was placed into administration “as part of an orderly liquidation”.

Most of the staff were made redundant shortly after the administration “with a small number retained temporarily to assist the joint administrators in the liquidation process”. The remaining assets of the business are being sold by estate agency Sanderson Weatherall.

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

“We are now supporting affected employees to lodge claims with Redundancy Payment Services and encourage any interested parties to acquire the assets to contact us as soon as possible.”

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