What is Iron and Steel Finance?
Iron and Steel Finance
Previously we have used hire purchase, refinancing and leasing for a wide range of iron and steel. The way security is structured may vary in each matter.
We provide a high quality service and aim to assist you in reducing your operating costs and increasing your cash flow, by financing or refinancing the raw materials used in your business.
Key iron and steel types include:
- Pig iron
- Cast iron
- Wrought iron
- Alloy steel
- Micro-alloy steel
- Ingot iron
- Enamelling iron
- Gray iron
- White iron
- Low carbon steel
- Malleable iron
- Chilled iron
- Compacted graphite iron
- Medium carbon steel
- abrasion-resistant iron
- alloy iron
- Ductile iron
- High carbon steel
When a business wants to trade internationally, the exporter would typically want to be paid up front by the importer. The bank would issue a Letter of Credit, which guarantees this payment to the exporter upon receipt of documentary proof that the goods have been shipped. This is then repaid once the importer has paid for the goods, which could be anything between 30-180 days later.t
What is the SIC Code for Iron and Steel Finance?
The SIC Code is 07100 (Mining of iron ores)
Other SIC Codes that could also be used are:
- 24100 Manufacture of basic iron and steel and of ferro-alloys
- 24200 Manufacture of tubes, pipes, hollow profiles and related fittings, of steel
- 25910Manufacture of steel drums and similar containers
The business was growing and being increasingly successful in winning bids for various house builders. They could not finance the steel that was needed and so looked for a source of flexible finance. By using trade finance it granted them the much needed facility in order to fulfil orders and expand the business.
The finance provided allowed the business to chase, win and deliver on big contracts, ensure that their product supply was not an issue and be more responsive to both new and existing customers.
- No security or personal guarantee required
- Automotive and vehicle finance available even if the banks refuse finance
- Our partners find you solutions to increase trade
- Fast turnaround – get iron and steel finance in 24 hours
Download our Trade and Invoice Finance Guides: