Dutch steel manufacturer Nedstaal in Alblasserdam has been declared bankrupt after failing to meet outstanding debts, RTL news reports.

A restart of Nedstaal with a reduced workforce may still be on the cards, according to the broadcaster. The company, which has an annual turnover of almost €100m and employs 280 workers, makes products for the car industry, the energy sector and the machine and ship building industry.

The fortunes of Nedstaal, the country’s last independent Dutch steel producer, have been going up and down since 1999, according to the Financieele Dagblad.

It says the ongoing lack of demand for steel products in Europe, combined with overcapacity and fierce competition from China and North Korea have proved too much for the company.

A large part of Nedstaal’s turnover comes from exports to Germany, France and Italy but the company’s big clients in these countries are struggling with significant falls in demand themselves, the FD writes.