Shaul Gueta, a steel and scrap metal company in Israel, has filed for bankruptcy following Turkey’s complete cessation of trade with Israel on May 2, 2024.

The company specialized in processing and exporting scrap metal, with approximately 70% of its sales income tied to the Turkish market before the ban.

Company representatives told the Beersheba District Court that the suspension of bilateral commerce, enacted by Turkey over the Israeli conflict in Gaza, was the main cause of the sharp decline in trade volume and subsequent collapse. The court has appointed a trustee to decide whether the company should be liquidated or reorganized.