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South Australian Government Forces Whyalla Steelworks Into Administration
02/19/2025 - The South Australian government has wrested control of one of the country’s two major steel mills and will inject it with more than AUD$2 billion in funding while its looks for a buyer, according to reports.
The Sydney Morning Herald said the government forced the mill into administration over unpaid royalties from owner Sanjeev Gupta and his GFG Alliance. State and national governments are pledging AUD2.4 billion to keep the mill going and for improvements when a buyer is found, the newspaper said.
According to the (London) Financial Times, South Australia amended laws so that it could take over the plant and justified the move by saying “saying the steelworks’ financial position was ‘irredeemable’ and that GFG had not invested enough in a critical asset for the region.”
According to the (London) Financial Times, South Australia amended laws so that it could take over the plant and justified the move by saying “saying the steelworks’ financial position was ‘irredeemable’ and that GFG had not invested enough in a critical asset for the region.”
