Fitch downgrades steel manufacturer InfraBuild to ‘CC’ amid audit delays

Manufacturing News

Fitch Ratings downgraded Australian steel manufacturer InfraBuild’s Long-Term Issuer Default Rating to ‘CC’ from ‘CCC-‘ on Monday, citing an elevated probability of default on its USD $550 million notes within the next three months. The ratings agency pointed to InfraBuild’s failure to publish audited financial statements for FY24, which were initially due in October 2024…

InfraBuild’s CEO: ‘Business as usual’ despite Whyalla administration

Manufacturing News

InfraBuild CEO Francisco Irazusta reassured stakeholders that operations remain unaffected by the administration of OneSteel Manufacturing, owner of the Whyalla Steelworks, in a statement released on Monday. Irazusta emphasised that InfraBuild operates as an independent business from OneSteel Manufacturing, with its own board, governance, and financing, separate from the wider GFG Alliance. “We’re in a…