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Steel construction firm collapses

31-08-2010
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Steel construction firm collapses

 

Capital Steel Buildings Australia has been placed in voluntary administration, adding to the woes of the Australian steel industry.

The company based at Narellan, Western Sydney, is a manufacturer of cold rolled steel buildings.

It also has a number of product resellers under the Capital Steel Buildings (CSB) banner.

According to a recent report by Smart Company, Independent advisory firm Cor Cordis have appointed Ozem Kassem and Jason Tang as the administrators. The first meeting of creditors is expected to be held this week.

Figures from IBISWorld suggest some sectors of the steel industry are struggling while others flourish, Smart Company reports.

The structural steel services industry, that offers services such as steel framing supports, walls, and steel roofs, averages an annual revenue growth of 2.5 per cent. It is expected to remain stable this year with revenue of $4.85 billion.

The IBIS World October 2012 report said the growth rate was influenced by accelerated growth in key infrastructure and work on multi-storey building since the early 2000s.

In contrast, IBISWorld's November 2012 Structural Steel Fabricating Market Research report found the growth rate of the steel fabricating industry had dropped by 0.9 per cent.

This steel sector deals with a range of products from simple reinforcements to highly engineered, custom-built structural components used in the construction of mines and bridges.

Over the past five years structural steel fabrication in Australia has declined at an annual rate of just under 1 per cent, a spokesperson for IBISWorld said.

"This has been influenced by the weak domestic demand related to the construction industry, volatility in steel prices which have raised costs and the introduction of the carbon tax."

The spokesperson warned the declining growth rate of the steel fabrication industry in Australia is likely to continue, signifying the potential administration of more steel companies.

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