By John Quiggin, The University of Queensland The federal government’s announcement of a A$600 million rescue package for Glencore’s copper smelting and refining operations in Mount Isa and Townsville marks a definitive shift in Australia’s industry policy. The announcement follows the $2.4 billion rescue of the Whyalla steelworks, and a smaller assistance package for metals…
The deadline passed on Friday for the indicative bidding stage of the sale of Whyalla steelworks, which was put into administration earlier this year. KordaMentha put out a statement last Thursday saying that the duration was uncertain “and will be highly dependent on the nature of the indicative interest received and the extent of engagement…
The federal and South Australian governments have announced an additional $275 million in funding to support operations, workers and suppliers at the Whyalla Steelworks as the sales process continues. KordaMentha were appointed as administrators in February, with the state and federal governments announcing support totalling $2.4 billion for the site soon after. This was described…
BlueScope Steel has secured a pivotal advantage in the sale of Whyalla Steelworks, gaining a “right-of-last-offer” provision that gives it the opportunity to beat any final offers to acquire the facility, as The Australian Financial Review reports. The administrators have granted the ASX-listed company the ability to form a consortium with other interested parties and…
The Whyalla steelworks was losing $1.5 million per day before being forced into administration, burning through nearly $320 million in seven months, administrators KordaMentha revealed at a creditors meeting on Monday. The administrators outlined total debts exceeding $1.34 billion, including $189 million in outstanding employee entitlements and $40.2 million owed to the South Australian government…
Daniel Rossetto, University of Adelaide Financial challenges at the Whyalla steelworks in South Australia have reignited debate about the nation’s steel industry and its future. Australians should have access to quality steel at competitive prices. The domestic steel production industry employs tens of thousands of people. The state and federal governments have stepped in, however,…
The South Australian government is pushing through legislation to move the Whyalla Steelworks into administration, allowing the state to take control of the facility.
GFG Alliance executive chairman Sanjeev Gupta said on Sunday that the Whyalla steelworks is generating between $13 million and $14 million in weekly turnover, with hopes of reaching break-even by mid-year. The announcement followed last week’s agreement with global creditors, ending a four-year process triggered by the collapse of GFG’s former financier, Greensill. The steelworks,…
In response to mounting pressures to settle substantial debts, the owners of Whyalla Steelworks, led by GFG Alliance’s chairman Sanjeev Gupta, are actively pursuing new financing solutions to sustain operations. This development follows intense scrutiny from South Australia’s Premier, Peter Malinauskas, who recently visited Whyalla to engage with creditors and reinforce the urgency of financial…
Premier Peter Malinauskas has issued a stern warning to GFG Alliance’s Sanjeev Gupta, urging transparency and immediate action on overdue financial commitments as concerns mount over the future of the Whyalla Steelworks in South Australia. Amid reports of significant arrears in royalties and payments to contractors, the Premier emphasised the need for Gupta to prioritise…