Latest news with #Hams
The Guardian
03-03-2025
- Business
- The Guardian
The ‘scary' state of Whyalla steelworks' bank balance revealed by administrators
The Whyalla steelworks was 'running on empty' and left in a 'dangerous' financial position by its former owner, according to a scathing assessment of the South Australian project by the recently appointed administrators. It was also losing $1.5m a day, running low of critical steelmaking materials and owed creditors more than $1.3bn, those at the first creditors meeting heard on Monday. The steelworks was put into administration last month after the SA government, which is also a creditor, lost confidence in the entity operating the steelworks, headed by the UK billionaire Sanjeev Gupta. Accounts from that entity, OneSteel Manufacturing (OSM), show the company lost $319m in the seven months to the end of January, equating to a pre-tax loss of $1.5m a day. Sebastian Hams, from the administrator KordaMentha, said there was just three days' worth of the crucial steelmaking material, coking coal, at the facility upon his appointment. He said minimal repairs, maintenance and capital works had been done at the steelworks over an extended period. 'The business is running on empty. It is a really dangerous position to get into,' Hams told employees and creditors at the meeting in Whyalla, a port city located north-west of Adelaide. Sign up for Guardian Australia's breaking news email 'We had $8m in the bank – for a business that turns over somewhere around over $1bn, that is just crazy. And the working capital position, by virtue of the creditor arrears, was really quite scary.' Gupta took over the project in 2017 and made promises to invest heavily in what is one of only two major integrated steel projects in Australia and the only local manufacturer of rail. But his leveraged portfolio of global steelmaking assets has been under huge financial stress leading to a series of closures and disruptions at operations across Europe and the US. Problems with Whyalla's blast furnace, which is central to steelmaking, exacerbated the problems at his Australian operations. While Gupta has lost control of the steelworks and accompanying mine, he has retained ownership of the port operations, potentially complicating the administration process. Entities linked to Gupta's GFG Alliance have claimed creditor debts of $536m, which KordaMentha is yet to assess. Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion Hams said that the lack of investment by the former owner was so extreme that even the traffic lights leading to the steelworks were not working. 'The steel works and the mines were really relying on the resilience and personal capital of employees and subcontractors to keep operations running in seriously and really challenging circumstances,' he said. The project supports about 4,000 direct and indirect jobs, according to the administrators. The state and federal governments have provided a support package to ensure the steelworks keep operating, and workers are paid, while administrators look for a new owner. GFG's representatives, who did not attend the meeting on Monday, said in a statement they were pursuing financing options when administrators were appointed. 'Our major suppliers across OSM were aware of the capital raising processes, which were delayed and impacted by heightened media speculation. Unfortunately, the financing could not be completed before the administration,' the GFG statement said. 'While we are saddened by the decision of the South Australian government, we continue to believe in the strategic importance of Whyalla, and will fully support a viable long term solution for the future of the Whyalla steelworks.' Guardian has contacted GFG for comment.
Al Manar
30-01-2025
- Politics
- Al Manar
Al-Qassam Announces Martyrdom of Military Commanders
Al-Qassam Brigades Military Spokesman announced on Thursday the martyrdom of Hams military wing's chief Muhammad Al-Deif in addition to a number of other commanders during the Zionist war on Gaza. Abu Ubaida indicated that the announcement came after completing all necessary procedures, dealing with all security warnings imposed by battle and field conditions, conducting the necessary verification and taking all relevant measures. Abu Ubaida named Al-Qsssam commanders martyred during the war as follow: – Commander Muhammad Al-Deif (Abu Khaled), Chief of Staff of the Al-Qassam Brigades. – Marwan Issa (Abu Al-Baraa), Deputy Chief of Staff of the Al-Qassam Brigades. – Ghazi Abu Tama'a (Abu Musa), Commander of the Weapons and Combat Services Section. – Raed Thabet (Abu Muhammad), Commander of the Human Resources Section. – Rafe' Salama (Abu Muhammad), commander of the Khan Yunis Brigade. – Ahmed Al-Ghandour (Abu Anas), commander of the Northern Brigade. – Ayman Nofal (Abu Ahmed), commander of the Central Brigade. Abu Ubaida indicated that the martyrdom of the commander inspires thousands of fighters to assume the same responsibilities, affirming that the martyred commanders were immediately replaced during the war. Al-Manar reporter in Gaza noted the commanders mentioned above did not embrace martyrdom all together, yet separately over the months of the war.
