NT’s tough economy forces Territory steel distributor Reomart NT shuts down

STEEL distributor Reomart NT has shut its doors, joining a growing list of Territory businesses to close down in recent times as a result of the tough economy

Steel distributor Reomart NT has shut its doors, joining a growing list of Territory businesses to close down in recent times as a result of the tough economy

A TERRITORY steel distributor has closed down as a result of the NT’s tough economic conditions.

Reomart NT opened in 2005 and supplied reinforced steel products and services to minor and major projects across the Territory.

The company shut the doors of its Pinelands warehouse on Wednesday at 4pm.

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Manager Paul Carter said the closure was upsetting but necessary.

“With the economic climate up here, we’ve been sustaining losses for quite some time now,” he said.

“It’s always been tough but the last five years have been exceptionally tough. Our outlook in the future was not much brighter.

“It was a very hard decision, it certainly wasn’t what the group wanted but at the end of the day we couldn’t see any light at the end of the tunnel.”

Mr Carter said four employees were laid off while another three were being moved into the company’s other businesses.

“Unfortunately we were unable to keep everyone,” he said.

“It is what it is unfortunately but it’s very upsetting, to be honest.”

Mr Carter hoped the closure would push the Government to act.

“I sincerely hope the Government understands the nature of the economy up here but I suspect they don’t,” he said