A SCRAPYARD has closed with the loss of seven jobs following a plunge in scrap metal prices.European Metal Recycling has shut its yard at Costessey, near Norwich.
A SCRAPYARD has closed with the loss of seven jobs following a plunge in scrap metal prices.
European Metal Recycling has shut its yard at Costessey, near Norwich.
Staff are understood to have been given just two hours' notice of the closure, which is believed to have been prompted by a recent fall in prices for scrap metal.
The Warrington-based company refused to comment yesterday but a spokesman would not deny that the yard had closed.
EMR operates from more than 50 bases in the UK. Its other East Anglian yards, in Great Yarmouth and Newmarket, were still open for business yesterday.
Last month the company hit out at “fanciful and wild” rumours about its future and said it was in robust financial health.
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Scrap metal prices have dropped dramatically in recent months, with prices for some grades dropping from £900 a tonne in May to £320 a tonne now.