Total Global Steel Ltd. is no longer a Category 5 member of the London Metal Exchange, the bourse said in a notice e-mailed today.
The London-based company specializes in “physical metal trading, futures and hedging, online trading and LME brokerage,” according to its website. Category 5 members have no trading rights except as customers, according to the website of the exchange, which said Total Global Steel doesn’t satisfy its rules.
The steel trader was expelled from the Balancing and Settlement Code, the legal mechanism governing settling of electricity trading in the U.K., according to a circular dated July 14 from Elexon, the London-based company that administers the code. Total Global Steel was in default after failing to pay charges, it said.
Total Global Steel did not immediately respond to requests for comment.
To contact the reporter on this story: Tom Metcalf in London at firstname.lastname@example.org
To contact the editor responsible for this story: Claudia Carpenter at email@example.com