Steel supplier Martensite Australia closes down

Manufacturer and supplier of steel products, Martensite
Australia unexpectedly shut down its operations at Tomago in NSW on Monday.

The Newcastle Herald reports that about 20 workers from the
company were told the news without warning on Monday morning.

Bob Meyrick, a worker at the plant told the Herald that, although the
company had been struggling because of the mining downturn and increased
competition, the directors had made assurances that the business was not going
to close.

“…just before work started at 6am on Monday they called us
all together and said they were shutting the business straight away, and that
they were calling in the administrators,’’ Meyrick said.

According to Martensite Australia’s website, the company
manufactures and supplied hot rolled alloy and carbon bars, hot rolled flats
and squares, bright steel rounds and shapes, precision ground bars, alloy and
carbon hollow bar and hard chrome plated bars.

The company served several industries, including automotive,
agricultural, materials handling, mining and general engineering; and supplied
products to local and overseas markets.