According to local reports, bar maker Kentucky Electric Steel has notified local officials that it will begin winding down operations and close up shop by 10 March, according to The (Ashland, Ky.) Daily Independent newspaper. The newspaper said the company blamed the closure on “current business challenges.” 

Kentucky Electric Steel parent Optima Specialty Steel emerged from Chapter 11 bankruptcy last year under the new ownership of DDJ Capital Management, which took over through a debt-for-equity swap. 

Now called Specialty Steel Works Inc., the company has three other subsidiaries: Michigan Seamless Tube, Niagara LaSalle Corp. and Corey Steel Co. 

Kentucky Electric makes special bar quality flats for the cold-drawn bar and truck trailer support beam markets.