MetalSite shutters exchange

Published on .

Most Popular
Pittsburgh--MetalSite L.P. has closed its metals-trading exchange. Callers to the company's headquarters are met with this voicemail: "Effective June 6, MetalSite has suspended our marketplace operations to pursue the restructuring of our business." It is unclear what direction the company will take. MetalSite failed despite equity investments and trading participation from some of the steel industry's biggest players, including Bethlehem Steel Corp. MetalSite has fired 72 employees and kept only a few onboard to maintain the site, according to published reports. MetalSite executives could not be reached by press time. Its main exchange competitor, e-Steel Corp., still exists, though it has shifted its focus to software development.
In this article: