Concord Steel Inc., which constitutes most of the assets of parent company Stamford Industrial Group Inc., has filed for Chapter 11 bankruptcy. Concord Steel, a maker of steel counterweights and structural weldments for industrial equipment that has seen its revenue drop by 70% in the past year, has been adversely affected by a steep decline in purchasing for the global infrastructure, construction and residential markets as a result of the global recession. The company has also been unable to obtain the necessary credit to continue operations, despite attempts to negotiate modifications to its credit agreement to account for the reduction in demand. As a result, it was determined that a Chapter 11 filing by Concord was a necessary and prudent step. Chapter 11 permits reorganization under the US Bankruptcy Code. Concord Steel, based in Youngstown, Ohio, expects to file motions with the court seeking the continuation of operations, including requesting court approval to continue providing employee wages and benefits. Stamford Industrial Group’s revenue fell year over year from USD 42.2 million for last year’s third quarter ended 30 June to USD 12.2 million this year.