£35 million finance facility for steel stockholder

Posted on 09 May 2018 and read 665 times
£35 million finance facility for steel stockholderDudley-based Meridian Metal Trading (MMT), a leading independent steel stockholder and processor, has been provided with a £35 million finance facility by Secure Trust Bank Commercial Finance.

Established in 1987, MMT (www.meridianmetals.com) supplies galvanised, hot-rolled, cold-reduced, electro-zinc and aluminised slit coil sheets.

It employs 175 people at its manufacturing sites (in Dudley, Guildford and Sheffield) and sales offices (in Newport and Bolton).

It currently supplies almost 240,000 tonnes of steel per year; the finance facility will be used to support the growth of the business and to provide working capital.

Finance director Steve Roadway said: “The steel stockholding and processing industry is highly competitive, so it was imperative for MMT to have a strong and responsive financing partner with industry expertise in its corner.

“It is often restrictions on working capital that halt a growing company; this facility has enabled us to free up cash-flow, so we can improve and invest in other areas of the business.”

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