Steel marketplace Reibus to close Dubai office

Online metals marketplace Reibus is closing its Dubai office and making cuts elsewhere to conserve cash, sources have told Argus.

Local teams will be briefed about the measures today. Reibus declined to comment.

The company has hired a number of staff for its Dubai office recently with a view to increasing its trading business, and has been providing financing to other parties.

It has been financing some deals with cash amid a tougher funding environment. It was affected by the collapse of Silicon Valley Bank, where it had deposits, but in a recent internal call, chief executive John Armstrong said this would not have a big impact on the business, according to sources. Reibus also has a revolving credit facility with Wingspire Capital, the Atlanta-based lender, according to the latter's website.

Several European traders approached by the company last year were told that Reibus could provide financing this quarter, but report having no contact since.

Reibus is a creditor to Aartee Bright Bar, the UK-based bright bar producer and distributor, as previously reported. Liberty Steel tried to overturn the administration of Aartee Bright Bar at the High Court of Justice in Manchester last week, but its application was dismissed.

Liberty is closely linked with Aartee and recently bought its parent company, Aartee Group Pte, after which it said it would appeal the decision to put Aartee Bright Bar into administration.

Reibus had also financed a cargo of imported hot-rolled coil for Liberty Steel to Italy in recent months.

Reibus raised $75mn in its series B funding raise in late November 2021, led by SoftBank, valuing the company at $750mn. It has not yet conducted a series C funding raise.

By Colin Richardson