Sheffield-based scrap metal dealer Haydn Morris Alloys Limited has gone into administration after more than 60 years in business.
The firm, which was founded in 1952, blamed a lack of demand caused by the 2008 recession for its demise.
Administrators from the P&A Partnership were called in during April and initially tried to find a buyer for the business, but were unsuccessful. By the time the administrators were appointed, only four staff remained at the scrap yard and have since been made redundant.
Haydn Morris Alloys Limited’s remaining assets have now been sold to a “third party competitor”, the administrators said.
Joint administrator Andy Wood said: “It is frustrating to see a long-established local business cease to trade despite the best efforts of the dedicated team of directors and employees.
“Increasing raw material costs, falling selling prices and the slow recovery of the economy have all taken a toll on this business. In the end, these factors have proved too much for this particular company to survive.”