Metals recycler CMA Corporation has gone into voluntary administration.
CMA operates more than 17 recycling facilities across Australia, New Zealand and Asia and has about 190 staff.
The directors of CMA have appointed Phil Carter, Marcus Ayres and Nicholas Martin of PPB Advisory as voluntary administrators.
"PPB Advisory will undertake an urgent review of CMA's operations," Mr Carter said in a statement on Friday.
Until the completion of the review, CMA would continue to operate as usual.
A meeting of CMA creditors will be held on August 14.
CMA on Thursday requested that its shares be suspended from trading on the Australian Securities Exchange.
CMA said on Thursday that it had been unable to pay an interest payment to Stemcor of about $2 million, which was due for payment on July 31.
Stemcor, which is one of the world's largest privately-owned international steel traders, is a major shareholder of CMA.
CMA had said it was in talks with its lenders on the implication of the non-payment of interest and the company's debt position.
CMA has a market capitalisation of $1.4 million.
Shares in CMA last traded at 0.6 cents.
According to a report by independent expert Lonergan Edwards in late May, CMA had a net debt of $128.1 million at December 31, 2012.
CMA booked a net loss of $52.8 million for the half year ended December 31, 2012 compared to a loss of $18.24 million in the prior corresponding period.
Losses mounted as revenues fell and margins declined due to the significant fixed costs in scrap metal processing.
The company was forced to sell assets and axe jobs and use the proceeds to repay bank debt.
