Latest news with #LibertyBellBay
Yahoo
20-05-2025
- Business
- Yahoo
Fears for Aussie workers as tariffs hit hard
Hundreds of workers are in limbo after a major Tasmanian smelter paused operations, citing tariffs, ore supply and global price volatility. The move by Liberty Bell Bay, located in George Town, has prompted calls from both state and federal governments for transparency and urgent support for Australia's only commercial ferroalloy operation. It produces ferromanganese and silicomanganese and is one of Tasmania's largest industrial energy users. The smelter, which employs more than 250 people, is owned by British businessman Sanjeev Gupta's GFG Alliance, and is the latest of Mr Gupta's assets to face turmoil. Earlier this year, the South Australian government forced his Whyalla steelworks into administration, with administrator KordaMentha overseeing debts reportedly around $1 billion, the ABC reports. A spokesperson for Liberty Bell Bay, formerly known as TEMCO, said the facility lost its primary ore supplier after Tropical Cyclone Megan struck in March 2024. 'We are still working through ore supply options at present,' the spokesperson said. 'Price volatility globally and the imposition of tariffs in the US have also impacted operations. 'Due to ongoing challenges with ore supply, Liberty Bell Bay has no option but to enter a period of limited operations.' 'Big beautiful bill' to push the ASX deeply in the red The news comes as cautious investors pushed the ASX lower on Monday as investors wait to see the outcome of the Reserve Bank of Australia's board meeting and monitor the US debt markets. The benchmark ASX 200 slumped 48.60 points or 0.58 per cent to 8,295.10. The broader All Ordinaries Index also finished in the red down 55.10 points or 0.64 per cent to 8,524.80. Nine of the 11 sectors finished in the red, led by energy and material stocks which were down 1.82 and 1.55 per cent respectively. Among the key falls were the major iron ore miners including BHP which slid 2.44 per cent to $38.75, Rio Tinto which fell 1.31 per cent to $119.46 and Fortescue Metals which slumped 4.88 per cent to $16.17. It was a mixed day for Australia's big four banks. CBA jumped 1.00 per cent to $171.36 while Westpac dropped 0.76 per cent to $31.37, NAB fell 0.46 per cent to $36.84 and ANZ sank 1.73 per cent to $28.40. IG market analyst Tony Sycamore said investors were cautious ahead of the 'very unlikely scenario' the Reserve Bank of Australia does not cut on Tuesday. 'If we don't get a rate cut tomorrow the ASX 200 will be down 100 points and it will be a tricky day,' he said. 'It's fully priced in so there will be carnage in the rates market, carnage in the equities market, the Aussie dollar will probably be supported.' Mr Sycamore said the other major issue to watch is the US bond rate, which is on the back of US President Donald Trump's latest bill. Dubbed the 'big, beautiful bill' by Mr Trump, there are substantive tax cuts of $2.5 trillion over 10 years, which could mean $4 trillion less is added to the government's coffers by 2034. Mr Sycamore warns, what happens tomorrow will largely depend on how the bond market reacts to the White House bill. 'It is going to be all about US yields. We could come into an absolute shocker tomorrow but I think it's all going to depend on where the US yields and whether they can digest it or not,' he said. 'It feels like yields want to pop to me, but it is at a huge level and whether it pops now or in a month's time it's hard to tell.' Moody's downgraded the US from its all important triple A credit rating, while US Treasury yields were up, with 10 year treasuries adding 7 basis points to 4.51 per cent while 30 year treasuries notched 8 basis points to 4.98 per cent. Defensive stocks including gold miners were among the major winners with Capricorn Metals was the best performer on the ASX 200, rising 3.4 per cent to $8.71, while Evolution Mining rose 3.2 per cent to $8.12. In company news, New Hope shares tumbled 7.1 per cent to $3.65 after downgrading its guidance for future coal output and sales. Domino's shares also slumped 2.6 per cent to $24.55, after announcing the chief of its Australian and New Zealand business Kerri Hayman would step down in August, following just nine months in the job. Error while retrieving data Sign in to access your portfolio Error while retrieving data
ABC News
20-05-2025
- Business
- ABC News
Liberty Bay Bell workers forced to take time off worry about financial future
Younger workers at troubled manganese alloy smelter Liberty Bell Bay in Tasmania's north have little-to-no accrued leave, according to the Australian Workers' Union. "The union has received a number of calls from employees concerned they have little-to-no leave balance for that period," Robert Flanagan, from the union told ABC Mornings. The owner of Liberty Bell Bay, GFG-Alliance, announced yesterday it had no choice but to place the smelter in a period of limited operations, essentially scaling back operations. The company said the decision was made due to a number of reasons, including ore supply issues, global price volatility and US tariffs. Liberty Bell Bay produces manganese alloy, which is used to strengthen steel for construction. "LBB lost its main ore supplier last year due to tropical cyclone Megan, which caused extensive damage to South 32's GEMCO infrastructure, placing pressure on inventory and working capital," a spokesperson for Liberty Bell Bay said on Monday. "We are still working through ore supply options at present." There are about 250 workers at Liberty Bell Bay. They've been asked to take any leave they have owed during the limited operations period. Those without leave have been stood down without pay. "On the last two occasions that we've had shutdowns, employees have been provided with alternative duties and paid their usual pay. "The approach the company is proposing on this occasion is a diversion from that, and it is creating significant anxiety." Mr Flanagan said the limited operations period will commence on June 16 and is scheduled to end a month later on July 13. "It is possible the date will extend, but it's expected the limited operations will end on July 13," he said. The union is meeting with GFG-Alliance tomorrow to discuss the worker's concerns. At this stage, the company said there will be no forced redundancies. Beams Brothers is a fourth-generation Tasmanian quarry business at Flowery Gully in the West Tamar. It supplies raw materials to Liberty Bell Bay and employs about 50 people. "We've known about this for a while, I'm not an expert on it but I definitely know if you look at the information on the raw material I have no doubt that it's right. "Manganese is not readily available right across the country." Susie Bower, chief executive of the Bell Bay Advanced Manufacturing Zone, said it was not just the direct employees impacted by Liberty Bell Bay's decision to limit operations. "This has flow-on effects to our supply chain and to our small and medium businesses that support Liberty Bell Bay and their operation, so I'm trying to get that picture together and see what that means for our whole area and supply chain," she said. Ms Bower said there were also options available for workers considering re-training or other career opportunities. "We have the Northern Employment Business Hub, which is funded by Jobs Tasmania. That'll be providing support to the local community," she said. "If any employees are a little uncertain about their future or want to look at other opportunities, we'll certainly provide that to them." George Town Council mayor, Greg Kieser, said the community was anxious. "I share those concerns, as I'm sure you can imagine … it's going to be a rocky road," Cr Kieser said. "The message we're receiving is that there is a scenario where this ends well. They do have a supply chain crunch from one of their suppliers. "The workers, we want to make sure we retain that staffing there, and that they get some certainty back in their life at the soonest opportunity." Tasmania's Premier Jeremy Rockliff said he met with Cr Kieser this morning about the situation. "Last week, I engaged with the prime minister directly, requesting the federal government to support our major employer as a matter of priority," Mr Rockliff said in a statement. The Federal Industry Minister Tim Ayres has called on GFG-Alliance to be more" transparent" about the issues facing the business and to give the smelter enough support to allow it to continue processing ore.
News.com.au
19-05-2025
- Business
- News.com.au
Tasmanian smelter Liberty Bell Bay pauses operations, leaving 250 workers in limbo as governments call for support
A major Tasmanian smelter has paused operations, leaving hundreds of workers in limbo and prompting calls from both state and federal governments for transparency and urgent support. Liberty Bell Bay, located in George Town and owned by British businessman Sanjeev Gupta's GFG Alliance, is Australia's only commercial ferroalloy operation. It produces ferromanganese and silicomanganese and is one of Tasmania's largest industrial energy users. The smelter, which employs more than 250 people, is the latest of Mr Gupta's assets to face turmoil. Earlier this year, the South Australian government forced his Whyalla steelworks into administration, with administrator KordaMentha overseeing debts reportedly around $1 billion, the ABC reports. A spokesperson for Liberty Bell Bay, formerly known as TEMCO, said the facility lost its primary ore supplier after Tropical Cyclone Megan struck in March 2024. 'We are still working through ore supply options at present,' the spokesperson said. 'Price volatility globally and the imposition of tariffs in the US have also impacted operations. 'Due to ongoing challenges with ore supply, Liberty Bell Bay has no option but to enter a period of limited operations.' Premier Jeremy Rockliff described the situation in George Town as 'very concerning'. 'There's a workforce of around 253 FTE (full-time equivalent) and around 30 FTE contractors,' Mr Rockliff said. 'And during this pause there will be 40 people engaged, as I understand it in terms of FTEs, in care and maintenance.' While GFG has said there will be no forced redundancies, the majority of staff are now without work, with the premier warning the operational pause could last 'for the foreseeable future'. Industry Minister Eric Abetz said the state government was 'mobilising support' for affected workers, families and businesses. 'We will respond accordingly with our focus on ensuring the wellbeing of the workers, suppliers, contractors and community impacted by this pause,' Mr Abetz said. Jobs Tasmania has been tasked with co-ordinating support for impacted employees. Federal Industry Minister Tim Ayres also weighed in, calling for 'much more transparency about the state of the business and the decision to halt operations'. 'I urge GFG Alliance to step up and deliver confidence and certainty in the ongoing operations of this facility,' Mr Ayres said. 'They must engage with, and deliver transparency to, the Tasmanian government, staff, unions and the local community about the issues facing the business. 'I have asked my department to establish a rapid assessment team to work with the Tasmanian government to analyse the facility's commercial position comprehensively and to provide both governments with advice over coming days.' Tasmanian Labor Opposition Leader Dean Winter warned of broader economic impacts if the smelter fails to recover. 'This is primarily about those 300 jobs,' Mr Winter said. 'But it's also about all the flow-on impacts of the economy, [and] other major industrials. It's about power prices. It's about the actual Tasmanian power network.' 'If this business falls over, there will be wide-ranging impacts that we all need to be aware of.' Energy expert Marc White from Goanna Energy told the ABC the shutdown could affect Tasmania's energy and gas markets. 'Liberty Bell Bay accounts for around seven per cent of the state's energy consumption,' he said. 'It's one of the state's largest natural gas consumers, meaning the future cost of transporting gas from Victoria to Tasmania could also be impacted.'
Perth Now
19-05-2025
- Business
- Perth Now
Hundreds face axe after smelter shutdown
A major Tasmanian smelter has paused operations, leaving hundreds of workers in limbo and prompting calls from both state and federal governments for transparency and urgent support. Liberty Bell Bay, located in George Town and owned by British businessman Sanjeev Gupta's GFG Alliance, is Australia's only commercial ferroalloy operation. It produces ferromanganese and silicomanganese and is one of Tasmania's largest industrial energy users. The smelter, which employs more than 250 people, is the latest of Mr Gupta's assets to face turmoil. Earlier this year, the South Australian government forced his Whyalla steelworks into administration, with administrator KordaMentha overseeing debts reportedly around $1 billion, the ABC reports. Liberty Bell Bay, located in George Town and owned by British businessman Sanjeev Gupta's GFG Alliance, is Australia's only commercial ferroalloy operation. ABC Credit: News Corp Australia A spokesperson for Liberty Bell Bay, formerly known as TEMCO, said the facility lost its primary ore supplier after Tropical Cyclone Megan struck in March 2024. 'We are still working through ore supply options at present,' the spokesperson said. 'Price volatility globally and the imposition of tariffs in the US have also impacted operations. 'Due to ongoing challenges with ore supply, Liberty Bell Bay has no option but to enter a period of limited operations.' Premier Jeremy Rockliff described the situation in George Town as 'very concerning'. 'There's a workforce of around 253 FTE (full-time equivalent) and around 30 FTE contractors,' Mr Rockliff said. 'And during this pause there will be 40 people engaged, as I understand it in terms of FTEs, in care and maintenance.' While GFG has said there will be no forced redundancies, the majority of staff are now without work, with the premier warning the operational pause could last 'for the foreseeable future'. Industry Minister Eric Abetz said the state government was 'mobilising support' for affected workers, families and businesses. 'We will respond accordingly with our focus on ensuring the wellbeing of the workers, suppliers, contractors and community impacted by this pause,' Mr Abetz said. Jobs Tasmania has been tasked with co-ordinating support for impacted employees. Industry Minister Eric Abetz said the state government was 'mobilising support' for affected workers, families and businesses. ABC Credit: News Corp Australia Federal Industry Minister Tim Ayres also weighed in, calling for 'much more transparency about the state of the business and the decision to halt operations'. 'I urge GFG Alliance to step up and deliver confidence and certainty in the ongoing operations of this facility,' Mr Ayres said. 'They must engage with, and deliver transparency to, the Tasmanian government, staff, unions and the local community about the issues facing the business. 'I have asked my department to establish a rapid assessment team to work with the Tasmanian government to analyse the facility's commercial position comprehensively and to provide both governments with advice over coming days.' The Liberty Bell Bay smelter is a major employer near George Town, in the state's north. Liberty Steel Group Credit: ABC Tasmanian Labor Opposition Leader Dean Winter warned of broader economic impacts if the smelter fails to recover. 'This is primarily about those 300 jobs,' Mr Winter said. 'But it's also about all the flow-on impacts of the economy, [and] other major industrials. It's about power prices. It's about the actual Tasmanian power network.' 'If this business falls over, there will be wide-ranging impacts that we all need to be aware of.' Energy expert Marc White from Goanna Energy told the ABC the shutdown could affect Tasmania's energy and gas markets. 'Liberty Bell Bay accounts for around seven per cent of the state's energy consumption,' he said. 'It's one of the state's largest natural gas consumers, meaning the future cost of transporting gas from Victoria to Tasmania could also be impacted.' The smelter previously faced closure in 2019 under its former owner, South32, before it was purchased by GFG Alliance in 2020.
West Australian
19-05-2025
- Business
- West Australian
Tasmanian smelter Liberty Bell Bay pauses operations, leaving 250 workers in limbo as governments call for support
A major Tasmanian smelter has paused operations, leaving hundreds of workers in limbo and prompting calls from both state and federal governments for transparency and urgent support. Liberty Bell Bay, located in George Town and owned by British businessman Sanjeev Gupta's GFG Alliance, is Australia's only commercial ferroalloy operation. It produces ferromanganese and silicomanganese and is one of Tasmania's largest industrial energy users. The smelter, which employs more than 250 people, is the latest of Mr Gupta's assets to face turmoil. Earlier this year, the South Australian government forced his Whyalla steelworks into administration, with administrator KordaMentha overseeing debts reportedly around $1 billion, the ABC reports. A spokesperson for Liberty Bell Bay, formerly known as TEMCO, said the facility lost its primary ore supplier after Tropical Cyclone Megan struck in March 2024. 'We are still working through ore supply options at present,' the spokesperson said. 'Price volatility globally and the imposition of tariffs in the US have also impacted operations. 'Due to ongoing challenges with ore supply, Liberty Bell Bay has no option but to enter a period of limited operations.' Premier Jeremy Rockliff described the situation in George Town as 'very concerning'. 'There's a workforce of around 253 FTE (full-time equivalent) and around 30 FTE contractors,' Mr Rockliff said. 'And during this pause there will be 40 people engaged, as I understand it in terms of FTEs, in care and maintenance.' While GFG has said there will be no forced redundancies, the majority of staff are now without work, with the premier warning the operational pause could last 'for the foreseeable future'. Industry Minister Eric Abetz said the state government was 'mobilising support' for affected workers, families and businesses. 'We will respond accordingly with our focus on ensuring the wellbeing of the workers, suppliers, contractors and community impacted by this pause,' Mr Abetz said. Jobs Tasmania has been tasked with co-ordinating support for impacted employees. Federal Industry Minister Tim Ayres also weighed in, calling for 'much more transparency about the state of the business and the decision to halt operations'. 'I urge GFG Alliance to step up and deliver confidence and certainty in the ongoing operations of this facility,' Mr Ayres said. 'They must engage with, and deliver transparency to, the Tasmanian government, staff, unions and the local community about the issues facing the business. 'I have asked my department to establish a rapid assessment team to work with the Tasmanian government to analyse the facility's commercial position comprehensively and to provide both governments with advice over coming days.' Tasmanian Labor Opposition Leader Dean Winter warned of broader economic impacts if the smelter fails to recover. 'This is primarily about those 300 jobs,' Mr Winter said. 'But it's also about all the flow-on impacts of the economy, [and] other major industrials. It's about power prices. It's about the actual Tasmanian power network.' 'If this business falls over, there will be wide-ranging impacts that we all need to be aware of.' Energy expert Marc White from Goanna Energy told the ABC the shutdown could affect Tasmania's energy and gas markets. 'Liberty Bell Bay accounts for around seven per cent of the state's energy consumption,' he said. 'It's one of the state's largest natural gas consumers, meaning the future cost of transporting gas from Victoria to Tasmania could also be impacted.' The smelter previously faced closure in 2019 under its former owner, South32, before it was purchased by GFG Alliance in 2020.
