Sanjeev Gupta expresses confidence in steelworks future

GFG Alliance’s Sanjeev Gupta has expressed confidence in the future of the Whyalla steelworks and reassured locals of his ability to refinance his global businesses.

Following moves by Citibank to wind up Liberty Primary Steel, owner of the mill, and Tahmoor coal, Gupta wrote an open letter to South Australians published today in Adelaide’s Sunday Mail newspaper.

He thanked the people of Whyalla and his team at the plant, saying the company was in a strong position because of a business turnaround ‘to a point where the integrated operations are profitable and performing the best they have for many years’.

“…Rest assured my team and I are working tirelessly to refinance the business away from Greensill’s creditors.

“…We have already received multiple offers for refinancing from large lenders for our integrated mining and steelworks business in Whyalla and Tahmoor. We are now in advanced stages of due diligence.

“This shows we are moving in the right direction.”

Gupta said it was operations as usual at Whyalla.

“We’re benefiting from strong tailwinds in steel and iron ore markets and high demand for our products in Australia, and our refinancing discussions are progressing very positively.”

“I remain committed to our GREENSTEEL transformation vision. And I can’t wait to be back in Whyalla again with you all.”

Picture: Liberty Primary Steel

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