Stemcor closes pipe trading unit in Germany

London-based Stemcor, one of the world's largest independent steel traders, has announced that its Germany-based trading unit WSK Stahlhandels will be dissolved and closed with effect from close of business on June 30, 2013. WSK was an importer of steel pipe products into Germany. The closure will affect 27 employees, most of which are based in Nuremberg.
 
According to Stemcore, over the past few years the role of specialist traders in imported steels has diminished in Germany and the decision to close stems from a combination of adverse market conditions and an increase in mills supplying directly to WSK's traditional customer base of local stockists. Together with the closure of WSK, it has been decided to exit the tube and pipe market. WSK will retain a small close-out team for a period to manage existing orders and to liquidate current inventory. None of Stemcor's other businesses in Germany are affected.