Reportedly, London-based Stemcor has announced that its trading unit WSK Stahlhandels in Germany, an importer of steel pipe products, will be dissolved and closed on June 30, 2013 - effect from close of business of the day.
The closure affected 27 employees, who are mostly from Nuremberg.
According to Stemcor that it decided to close Germany's WSK due to the reasons of diminishing role of specialist traders in the country from a combination of adverse market conditions and an increase of direct mills supply to WSK's traditional customer base.
However, WSK will retain a small close-out team for existing orders and liquidating current inventory for a period of time. Stemcor's other businesses in Germany are unaffected.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=65121&division=A9
