The largest stockholder and distributor of steel for the prestressing and post-tensioning of concrete in the UK is poised to go public. The well-established importer and distributor of pre-stressed steel products, used extensively in concrete construction, is coming to the market at 2p per share.
Megasteel has a lengthy trading history as a private firm going back over three decades, and has been extremely profitable. It will be coming onto the market via a reverse takeover using cash shell More Acquisitions Plc. Trading in More Acquisitions was suspended in September.
The company also owns Sweetnam and Bradley, a market leader in the UK for sheet metal fabrication, assembly and finishing.
Megasteel itself has has carved out an interesting market niche for itself as an importer of specialist steel components, especially for the UK construction industry. It does not compete against domestic UK producers for these steel products, as there aren't any!
We had the chance to sit in on an early investor presentation with the company.
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