Staalconcern Nedstaalbankrupt

Dutch steel producer, Staalconcern Nedstaal was declaredbankrupt by the District Court of Rotterdam today.

On Wednesday the company requested a deferral, which is commonly followed by the application for bankruptcy.

The steel producer, based in Alblasserdam has 280 employees. The company has annual sales of €100 million but it has been making losses since 2009.

The company stated a combination of factors led to the bankruptcy – high prices of raw materials but a low price on the final product, tough competition from South Korea and China, reported Nuzakelijk.nl. In addition, the company has many customers in Germany, Italy and France, where the demand for steel has dropped.