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…
The South Australian Minister for Infrastructure and Transport, and Minister for Energy and Mining Tom Koutsantonis has held an ‘urgent meeting’ with operators of the troubled Whyalla steelworks, emerging confident that the blast furnace would be up and running within a week. However Koutsantonis has ‘grave concerns’ about unpaid bills, according to media reports, with…
What were the five biggest stories of the week? Here’s what visitors to @AuManufacturing were reading. 5) Licella, Shell partner to pursue biomass-to-aviation fuel processing Recycling technology company Licella has announced a new partnership with the decarbonisation division of Shell, applying the two companies’ collective expertise to biofuels, particularly sustainable aviation fuels (SAF.) In a statement on…
GreenHY2 receives first grant funding for Telstra project Hydrogen Energy storage manufacturer GreenHY2 has received the 1st Instalment of the grant funds allocated by the federal government to provide its Hy2MEDI generation and storage system to Telstra. The amount received is $432,000 plus GST, with the total grant for the project valued at $1.5 million.…
Steelmaker GFG Alliance’s executive chairman Sanjeev Gupta put on a brave face in South Australia this week, vowing the company’s troubled Whyalla blast furnace would produce again and that the site had a future making green steel. Gupta travelled to Whyalla in South Australia to inspect repair work on the blast furnace which has been…
