UK billionaire Sanjeev Gupta has again relied on his successful Australian steel businesses to bolster his GFG Alliance group’s finances, with steel manufacturer and distributor Infrabuild confirming a new secured loan. InfraBuild closed a $537 million (USD350 million) Senior Secured Asset-Backed Term Loan led by funds and accounts managed by BlackRock and Silver Point Finance.…
By Peter Roberts Green technology company Fortescue Future Industries has claimed a major breakthrough in the production of green iron – a step towards manufacturing green steel – making it the second of two Australian companies which make such an ambitious claim. The claim first surfaced in parent company Fortescue Metals Group’s FY23 half year…
GFG Alliance’s Sanjeev Gupta has refinanced debt for the Whyalla steelworks ending speculation the collapse of a financier to the company threatened the closure of the works. The company has secured a $430 million refinancing of the steelworks and his Tahmoor Coal operations to replace funds provided by the collapsed group Greensill Capital. GFG Alliance…
Engineers are preparing the Whyalla Port in South Australia for new work as Sanjeev Gupta explores steel recycling opportunities.
Liberty Steel has announced major upgrades to its Whyalla site, with installation of a new electric arc furnace and associated infrastructure — to replace a blast furnace and coke ovens — expected to be complete in 2025. In one of two significant announcements on Tuesday involving electric arc steelmaking (see here for Molycop’s polymer injection…
Sanjeev Gupta’s GFG Alliance said on Thursday it is looking to divest some of its renewable energy assets in South Australia, though says it remains committed to the vision of making “green steel” at the Whyalla steelworks.
Sanjeev Gupta’s GFG Alliance says it has negotiated a six-week standstill agreement with Credit Suisse while it finalises the refinancing of its Australian operations, which include the Whyalla steelworks.
Citibank filed for “winding up in insolvency” in the NSW Supreme Court on Tuesday against two businesses owned by Sanjeev Gupta’s GFG Alliance.
It’s being reported that Sanjay Gupta has begun a review of GFG Alliance’s Whyalla steel plant, which has suffered losses exacerbated by the Covid-19 downturn, in an attempt to make it run as leanly as possible ahead of a planned new plant opening in 2024.
The Australian Competition and Consumer Commission will not oppose the acquisition of Steelforce Holdings, a deal which would make GFG Alliance Australia (Liberty) the biggest distributor of long steel products in Australia.
