Latest news with #WhyallaSteelworks
Epoch Times
6 days ago
- Business
- Epoch Times
15 Buyers Circle Australia's Whyalla Steelworks, Seemingly Assuring Its Future
A $2.4 billion (US$1.55 billion) federal and state government bailout and restructuring of the Whyalla Steelworks, announced in February, appears to have rescued the operation. Administrators confirmed that a large group of potential investors was interested when the final expression of interest phase ended on Aug. 1.
The Star
04-08-2025
- Business
- The Star
Consortium pushes for Whyalla plant
A view of the interior of a part of the BlueScope steelworks, Port Kembla, Australia February 9, 2024. REUTERS/Lewis Jackson/File Photo 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
Bloomberg
04-08-2025
- Bloomberg
Australia-China Relations Face Foreign Interference Test
By Ben Westcott and Save Good morning everyone, it's Ben here in a brisk Melbourne, here's what's making news today. Today's must-reads: • Australia charges Chinese national with foreign interference • Super battery on track to become world's largest • BlueScope's bidding consortium for Whyalla steelworks The Australian Federal Police have accused a Chinese national of foreign interference for collecting information on a religious organization targeted by Beijing, a case that raises the risk of sparking renewed tensions between the two nations. A woman, who is also an Australian permanent resident, was arrested and charged on Saturday after authorities executed search warrants at homes across Canberra.
Sky News AU
04-08-2025
- Business
- Sky News AU
BlueScope Steel leads international consortium for Whyalla Steelworks purchase
BlueScope Steel announced it will lead an international consortium to explore purchasing the Whyalla Steelworks. The viability of the steelworks and BlueScope's consortium heavily relies on financial support from the federal and South Australian state governments. Experts emphasise the strategic importance of the plant for Australia's economy and the future potential for green steel production in the region.
Sky News AU
04-08-2025
- Business
- Sky News AU
Saving thousands of local jobs amongst ‘most important' parts of Whyalla Steelworks sale, McKell Institute CEO says
Preserving thousands of local jobs and skills is one of the 'most important' aspects of the Whyalla Steelworks' potential sale, a thinktank leader has declared. BlueScope on Monday announced it was partnering with Japanese, Indian and Korean steelmakers to make a bid for the Whyalla Steelworks after it was forced into administration earlier this year. The steelworks, which employs 1,100 workers directly and supports an additional 2,000 in related industries, supplies 75 per cent of the country's structural steel and remains the only domestic producer of long steel products. Whyalla received a $2.4b government bailout package in February from the federal and South Australian governments after becoming "irredeemable" under British billionaire Sanjeev Gupta's company, GFG Alliance. About $500 million was set aside for transforming Whyalla into a green steel powerhouse. The McKell Institute's chief executive Edward Cavanough said maintaining the Whyalla Steelworks and the local industry surrounding it was critical for ensuring Australia's green steel future. 'The fact is we can't get to a green steel future if we lose the Whyalla plant in the first place,' Mr Cavanough told Business Now. 'You're not going to be able to recreate that out of thin air. 'The most important thing initially is preserving what is there, recapitalising the plant so it's actually sustainable and making sure that the skills in Whyalla aren't lost. 'If we lose all of those then there's certainly no hope for a green steel future, let alone any steel future.' He also stressed the expression of interest from the consortium, which featured major international steel makers, was a 'really positive step' for the steelworks. 'It was a really big risk by the government to intervene earlier in the year,' Mr Cavanough said. 'I think the fact that we have the likes of BlueScope putting their hand up and saying there is a future here is really, really positive.' BlueScope is joined by Japan's Nippon Steel, Indian multinational JSW Steel and Korea's POSCO in its bid to snap up Whyalla and turn it into a green steel maker. BlueScope told the ASX on Monday: 'The consortium has identified Whyalla as a prospective location for future production of lower emissions iron in Australia for both domestic and export markets, with the potential to play an important role in the decarbonisation of the global steelmaking industry." KordaMentha, an Asia-Pacific advisory firm, was appointed as the steel mill's administrator after the government forced its shutdown. The plant has been plagued with issues including frequent shutdowns of its coal-fired blast furnace, delays in necessary upgrades, and a lack of stable financial backing. The company owed tens of millions of dollars in unpaid royalties to the SA government and an additional $15 million to SA Water. Mr Gupta purchased the plant for $700m in 2017 with ambitions to transform it into a green steel plant by using hydrogen. The BlueScope-led consortium revealing its interest in acquiring Whyalla about six months after its forced administration comes as a relief for many as it originally took 17 months for Mr Gupta to purchase it.
