Trader Belcore Global saw its turnover rise to £184.9mn ($222.4mn) in the year to 31 December 2021, up from £48.2mn in the February-December 2020 period.
Out of its total turnover, £87.9mn came from Europe and £96.9mn from the rest of the world, it said. The company made an operating profit of £2.6mn and profit after interest and tax of £885,829.
Belcore secured £10.9mn in loans from investors and has £7.6mn falling due within one year with creditors. Investor loans are negotiated on a short-term basis and repayable on demand, it said.
Belcore sought to diversify its product and supplier base in recent years because of the "intensively competitive market environment", according to its results. Documents obtained by Argus show the company trades slab into north Africa and Asia, predominantly Indonesia.
In January 2021 it purchased a slab cargo of almost 30,000t from Khouzestan Steel for sale into Algeria.
One of Belcore's directors, David Hulme, previously worked for UBG, which traded Iranian steel into Asia with the material passed off as other origin.
Belcore has recently been trying to obtain financing for Turkish material, sources suggest.
