Consortium pushes for Whyalla plant
SYDNEY: Australia's BlueScope Steel says it has assembled a heavyweight consortium of global steelmakers to bid for Sanjeev Gupta's troubled Whyalla Steelworks, over a month after the local government formally opened a sale process.
The group, comprising Japan's Nippon Steel, India's JSW Steel and South Korea's Posco, brings a combined market value of A$115bil (US$74.4bil), and is eyeing the South Australian plant as a future hub for low-emissions iron production for domestic and export markets.
The consortium has lodged a non-binding expression of interest but has yet to submit a formal bid.
Whyalla Steelworks was placed in administration in February, after its operating company collapsed under tens of millions in debt.
The Australian and South Australian governments stepped in with a joint A$1.9bil rescue package to safeguard local jobs and preserve a key piece of industrial infrastructure.
Australia formally opened the sale process in June, citing strong global interest from companies seeking a foothold in the emerging green steel economy. Gupta's family conglomerate, GFG Alliance, was not immediately reachable for a Reuters request for comment. — Reuters
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