Australia's BlueScope leads global steel giants in push for Gupta's Whyalla plant
The group — comprising Japan's Nippon Steel, India's JSW Steel, and South Korea's POSCO — brings a combined market value of A$115 billion ($74.4 billion), 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$1.9 billion 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.
($1 = 1.5466 Australian dollars)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
11 minutes ago
- Straits Times
Strong S'pore-Australia ties underpinned by bonds that are continually renewed: President Tharman
Sign up now: Get ST's newsletters delivered to your inbox President Tharman Shanmugaratnam meeting Australian Governor-General Sam Mostyn, who is on a state visit to Singapore, on Aug 4. SINGAPORE – In a world that is increasingly turbulent, Singapore and Australia are working closely together across a range of sectors, from defence to education, culture and sports, and to uphold an open, rules-based trading system globally, said President Tharman Shanmugaratnam on Aug 4. Underpinning this strong partnership is a long shared history, and bonds between both countries and their people that are lived, felt and continually renewed, he added. He was speaking at a state banquet held to host Australian Governor-General Sam Mostyn, whose state visit from Aug 3 to 6 marks Singapore's 60th year of independence and commemorates the 60th anniversary of the establishment of Singapore-Australia diplomatic relations. Ms Mostyn separately met Prime Minister Lawrence Wong and affirmed the strong people-to-people and cultural exchanges between the two countries. They also spoke about the importance of the Singapore-Australia Comprehensive Strategic Partnership (CSP), which was established in 2015 and serves as a broad-ranging agreement to deepen Singapore's collaboration with Australia. To date, the partnership has seen more than 110 completed initiatives across six pillars which include economics and trade, defence and foreign affairs, science and innovation, people-to-people ties, the digital economy, and the green economy. Ms Mostyn and PM Wong said they look forward to the upgrade of the CSP later in 2025 when PM Wong visits Australia. The upgraded CSP will see deepened bilateral cooperation in areas such as defence, supply chain resilience, renewable energy, and cyber and critical technologies. Top stories Swipe. Select. Stay informed. Singapore Singapore launches review of economic strategy to stay ahead of global shifts Singapore A look at the five committees reviewing Singapore's economic strategy Business More support for sectors and workers vulnerable to tech disruptions, global competition Business Singapore to tap advanced manufacturing, AI under strategic review Singapore All recruits at BMTC will be trained to fly drones and counter them: Chan Chun Sing Singapore Ong Beng Seng to be sentenced on Aug 15, prosecution does not object to fine due to his poor health Singapore Pritam Singh had hoped WP would 'tip one or two more constituencies' at GE2025 PM Wong said in a Facebook post: 'Our strong and enduring partnership is anchored on shared perspectives and deep mutual trust.' He added that he looks forward to taking the partnership to the next level when he visits Australia later in 2025. At the state dinner banquet, Mr Tharman said Australia was among the very first countries to establish diplomatic relations with Singapore, and that ties go back even further to World War II when Australian soldiers helped in the defence of Malaya and Singapore. 'Out of that shared history has grown a resilient partnership. We cooperate in increasing depth, and across an unusually broad span of endeavours,' he said. Mr Tharman highlighted defence as a critical pillar of that relationship, as 2025 marks the 35th anniversary of Exercise Wallaby – the Singapore Armed Forces' largest overseas training exercise. Both countries are deepening relations in education, culture and sports too. Over 60,000 people of Singaporean heritage live in Australia, while more than 20,000 Australians have made Singapore their second home, he noted. 'We are navigating a world that is now radically more uncertain, more exposed to shocks, and at growing risk of damage from the climate crisis and renewed global health threats,' Mr Tharman said. 'Amid this global turbulence, Singapore and Australia have chosen to look ahead, and to lead together.' He noted that both countries were the first to sign bilateral agreements on the digital economy and green economy – 'pioneering new and constructive ways of cooperation for the future', he said. 'At the same time, Singapore welcomes Australia's continued and deepening engagement in our region, in particular with Asean,' Mr Tharman added. Both countries are also driving global efforts to shape future trade rules, he said. President Tharman Shanmugaratnam with Australian Governor-General Sam Mostyn at the state banquet on Aug 4. ST PHOTO: BRIAN TEO Along with Japan, Singapore and Australia are co-convenors of the World Trade Organisation Joint Statement Initiative on E-Commerce to establish the first global digital trade rules. 'It reflects not only our shared commitment to multilateralism, but our readiness to lead in adapting it for the future economy,' Mr Tharman said. Singapore and Australia are not just close partners by obligation, but by choice, he added. 'I am confident that in the years ahead, we will continue to learn from each other, support each other's aspirations, help uplift the region, and work together to broker cooperative solutions internationally.' In her speech, Ms Mostyn said: 'Together, we stand at the cutting edge of artificial intelligence, cyber security and green technologies. One of Australia's five start-up landing pads is here in Singapore, where entrepreneurs are working on everything from fintech to healthcare.' She noted that Singapore is one of Australia's most significant sources of foreign investments. 'We work together in regional forums like Asean and the East Asia Summit and our prime ministers meet every year,' she added. Earlier in the day, Ms Mostyn received a ceremonial welcome at the Ministry of Foreign Affairs. She called on Mr Tharman and they discussed a range of issues, including how both countries could learn from each other's strategies in supporting mental health among young people, and in developing and updating skills for a rapidly changing labour market. She also visited the Singapore Botanic Gardens, where an orchid hybrid was named after her, as well as the Samaritans of Singapore. Australian Governor-General Sam Mostyn, with Minister in the Prime Minister's Office Indranee Rajah and Singapore Botanic Gardens group director Tan Puay Yok, viewing an orchid hybrid named after her. PHOTO: LIANHE ZAOBAO In commemoration of 60 years of diplomatic relations, Ms Mostyn presented Mr Tharman with a specially commissioned Australian indigenous artwork. Mr Tharman reciprocated with an artwork symbolising Singapore's harmonious growth, creativity and diversity across six decades by Singapore artist Leong Sijun. During the rest of her visit, Ms Mostyn will lay a wreath at the Kranji War Memorial for Australian soldiers who fought in Singapore's defence during World War II. She will also visit the Changi Chapel and Museum and Gardens by the Bay, where she will attend an Australian native tree dedication ceremony and unveil a permanent installation of an indigenous sculpture. Ms Mostyn's visit is the latest exchange between leaders from both sides. In 2025, Australian Prime Minster Anthony Albanese met PM Wong in Singapore in May . Australian Deputy Prime Minister and Defence Minister Richard Marles also met PM Wong and Defence Minister Chan Chun Sing in June on the sidelines of the Shangri-la Dialogue. PM Wong's visit to Australia later in 2025 will be an introductory one, to launch the upgraded partnership, commemorate the 60th anniversary of diplomatic ties and attend the 10th Annual Leaders' Meeting. In 2024, Australia was Singapore's 12th largest trading partner, with total bilateral trade in goods amounting to $30.3 billion. Singapore's top imports from Australia include petroleum oils, natural gas, semi-precious stones and metals, as well as animal and vegetable oils. Meanwhile, Singapore's key exports to Australia are petroleum oils, mechanical appliances and electrical machinery. Australia is also an important food source for Singapore, as it is Singapore's second-highest import source for beef and pork, and third for milk, milk products and vegetables. Economic relations are underpinned by the Singapore-Australia Free Trade Agreement, which was signed and entered into force in 2003.
CNA
8 hours ago
- CNA
Japan's JFE Holdings first-quarter profit down 74%, misses forecasts
TOKYO :JFE Holdings, parent of Japan's second-biggest steel maker, posted 7.1 billion yen ($48 million) in net profit on Monday for the three months ended on June 30, down 74 per cent from a year earlier and missing analysts' forecasts. An LSEG poll of analysts had expected JFE Holdings to report 16.1 billion yen in quarterly net profit. The company recorded 27.5 billion yen in profit in the same period of last year. It said its crude steel production for the period was 5.28 million metric tons, down from 5.48 million tons a year ago, while it also faced weaker export profitability and was hit by foreign exchange fluctuations. JFE Holdings kept its profit forecast for the year ending next March unchanged at 75 billion yen. In a separate statement on Monday, JFE said that, together with India's JSW Steel, it will invest 120 billion yen to expand production capacity at two plants in India. The investment will increase output of cold rolled grain-oriented electrical steel - a specialised product used in transformers, generators and motors - to 350,000 tons per year. One of the plants is set to start full production in 2027, and the other has current capacity of 50,000 tons annually. The expansion aims to help satisfy rising demand from new power infrastructure, the growth of renewable energy use and an increase in the number of data centres in India, JFE said. ($1 = 147.8000 yen)
CNA
8 hours ago
- CNA
India's JSW Steel, Japan's JFE to invest $669 million to boost electrical steel output
A joint venture between India's JSW Steel and Japan's JFE Steel will invest 58.45 billion rupees ($669 million) to expand production capacity of cold rolled grain-oriented electrical steel across two Indian plants to meet growing domestic demand, JSW Steel said on Monday. JSW and JFE will equally fund a combined 19.66 billion rupees for the expansion through equity, JSW Steel said. The added capacity will be commissioned in phases from fiscal year 2028. The company did the specify the source of rest of the funds. Cold rolled grain-oriented electrical steel is mainly used in energy applications, and is considered to be more energy efficient, reducing carbon emissions. JSW JFE Electrical Steel will raise production of the steel at its Nashik plant to 250,000 tons per annum from the current 50,000 TPA, for which the two companies plan to invest 43 billion rupees. The companies will invest the remaining 15.45 billion rupees to augment capacity of an upcoming facility in Vijayanagar to 100,000 TPA from an originally planned 62,000 TPA, JSW Steel said in an exchange filing. JSW JFE's Nashik plant was bought in January from Germany's Thyssenkrupp in a 41.59 billion rupee deal. ($1 = 87.4070 Indian rupees)
