By Scott French, UNSW Sydney Just one day after the US Court of Appeals temporarily reinstated the Trump Administration’s Liberation Day tariffs of between 10 per cent and 50 per cent on nearly every country in the world, Trump announced tariffs on all US imports of steel and aluminium will increase from 25 per cent…
Greensteel Australia has signed a $1.6 billion order for a “next-generation” steel mill to be built in Italy as it advances its plan to take over the troubled Whyalla steelworks. The Sydney-based company finalised the deal with Italian firm Danieli at a contract signing in Adelaide on Sunday. The agreement includes a new plant, two…
Greensteel Australia announced on Thursday that it has placed an order with steelmaking infrastructure company Danieli Group, “valued in excess of $1.6 billion”, representing stages two and three of a proposed “ultra-low-carbon steel mill”. The order includes a direct reduced iron (DRI) plant, two electric arc furnaces, a structural steel rolling mill, and a second…
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…
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…
The South Australian Government’s Steel Task Force has been meeting secretly with KordaMentha since before Christmas, as a strategy to push the Whyalla steelworks into administration was formulated, according to documents released on Monday. KordaMentha was appointed as administrator of steelworks owner OneSteel Manufacturing – a GFG Alliance subsidiary – on Wednesday last week after…
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…