DOZENS of jobs could go as manufacturer MET Steel falls into administration.
The company - which is also the main sponsor of Irish League club Portadown - makes and distributes steel products for the construction and manufacturing sectors in Britain and Ireland.
But it has struggled against increasing competition from overseas with Grant Thornton appointed as administrators last week.
Founded in 1977, MET Steel operates from two locations in Mallusk and has another base in Finglass outside Dublin.
Company directors Roy McMahon and Trevor Marshall are also directors of Portadown Football Club, with Mr McMahon its current chairman.
A statement from administrators Grant Thornton NI said: "MET Steel Group Limited and MET Steel Limited (the companies) have been placed into administration, with Gareth Latimer and Stephen Tennant of Grant Thornton appointed as joint administrators".
Mr Latimer added: “We are currently reviewing the affairs of the companies. Over the coming days we will be in contact with all stakeholders and will develop strategies to maximise asset realisations”.
According to financials at Companies House in Belfast, MET Steel Group - the businesses holding company - turnover fell 13 per cent to £15.8 million over the year to August 2014.
Bottom line profits fell to £60,388 from £263,463 the previous year.
Directors said performance was affected by competition from overseas manufacturers.
The accounts also detail net debt amounted to more than £6.5m at August 2014.
Notes said the company employed 36 people at that time although it had reduced its wage bill to £775,000 from £1m the previous year.
MET Steel supplies a range of products including steel plates, steel sections, merchant bars, PF channels and steel beams.
The group expanded south of the border in 1992 with the opening of MET Steel Ireland in 1992.
Steel manufacturers in the UK and Europe have struggled in recent years with the market inundated by cheaper steel from emerging markets, particularly China.
As a result, hundreds of jobs are set to be axed at Tata Steel's plant in south Wales.
The company's chief executive in Europe Karl Koehler yesterday joined thousands of steelworkers in a huge demonstration in Brussels calling for urgent action to help the crisis-hit industry.
"The situation facing Tata Steel and other European steelmakers is perilous," said Mr Koehler.
"If the European Commission does not take immediate and robust action, thousands of jobs in the industry, and many more thousands in the wider supply chain, will be threatened.
"We are not asking for special treatment - we are asking for the European Commission to stand up for fair trade and to give European steelmakers a chance to compete on a level playing field. "
