Latest news with #GFGAlliance
ABC News
30-06-2025
- Business
- ABC News
Liberty Bell Bay among Sanjeev Gupta's GFG Alliance companies sued by ASIC
The corporate regulator has taken court action against three companies owned by the financially troubled GFG Alliance for failing to lodge annual reports. The Australian Securities and Investments Commission (ASIC) said on Friday it was pursuing Liberty Primary Metals Australia, Liberty Bell Bay and Tahmoor Coal in the Supreme Court of New South Wales. Liberty Primary Metals was the parent company of the Whyalla Steelworks until February, when the South Australian government forced it into administration for failing to pay tens of millions of dollars in royalty payments to the government, and millions in unpaid bills to creditors. Tahmoor Coal is a coal mining operation in New South Wales which has been shut down since February after failing to pay its suppliers. Liberty Bell Bay is a manganese smelter in Tasmania's north which announced last month it would enter a period of limited operations due to ore supply issues and the pressure that was placing on inventory and working capital. The company has since said it has taken steps to secure a shipment of ore from its supplier. ASIC said Liberty Primary Metals Australia and Tahmoor Coal failed to lodge annual reports for the 2024 financial year. Meanwhile, ASIC said Liberty Bell Bay had failed to lodge any financial reports with ASIC since 2021. ASIC is seeking a court order to direct the companies to lodge the outstanding reports. The federal and Tasmanian governments and Tasmania's Labor opposition have repeatedly called for transparency from Liberty Bell Bay about the state of its finances. "The Australian government — and the Tasmanian government, local staff, unions and affected communities — need much more transparency about the state of the business and the decision to halt operations," Industry Minister Tim Ayres said in May. GFG Alliance is owned by British industrialist Sanjeev Gupta. The company has been contacted for comment.
TimesLIVE
24-06-2025
- Business
- TimesLIVE
Australia begins formal sale process for Gupta's Whyalla Steelworks
'Selected prospective buyers have been granted access to a secure data room, enabling initial due diligence and allowing parties to prepare non-binding indicative offers,' said federal industry minister Tim Ayres. 'A range of prospective buyers have expressed interest in acquiring and transforming the integrated operations.' The independent sale process will be led by administrator KordaMentha and sale advisers 333 Capital, Ayres said. Gupta's family conglomerate, GFG Alliance, did not immediately respond to a request seeking comment. In March, GFG said it remained the largest creditor in Whyalla Steelworks at A$536m (R6.1bn). The privately held conglomerate has been refinancing its global businesses in steel, aluminium and energy since its backer, supply chain finance firm Greensill, filed for insolvency in March 2021. Another subsidiary, Liberty Steel East Europe, was put into administration late last year.
ABC News
24-06-2025
- Business
- ABC News
More than 30 potential buyers for the Whyalla steelworks, SA Premier says
There are "at least 33 interested parties" to acquire the Whyalla steelworks, with a majority of them based overseas, SA Premier Peter Malinauskas says. Four months after tipping the steelworks into administration and removing GFG Alliance as its owners, the state government on Tuesday announced that a secure data room has been set up for prospective buyers to conduct due diligence on purchasing the steelworks and its associated mines. Steelworks administrators KordaMentha has previously said that there were up to 12 "interested parties" in the steelworks, but the Premier today revised that number up to "at least 33". Mr Malinauskas said more than 60 per cent of the prospective buyers were from overseas, including "very significant global steelmakers with names that are synonymous with serious investment in the industry". "If you had said to me back in February — when we made that major intervention to remove GFG and put the steelworks on the path to new ownership — that we'd be in the position that we are in now, I would have taken it in a second," he said. "We, of course, have got a long way to go before we are able to sell the steelworks to new ownership and set it up for the future. Mr Malinauskas did not name the global companies involved, but said the interest parties were from India, Japan and Korea. Australian company BlueScope Steel had also previously been linked to a potential takeover, with KordaMentha tapping the firm as a steelmaking adviser during the administration. South Korean steel giant POSCO has also been mooted as a potential buyer. The amount of interest in the steelworks has not changed the state government's expectations for when the steelworks will be sold, Mr Malinauskas said. The premier said a sale in the second half of 2026 "probably looks about right". It comes as the state government continues to pour money into the facility to keep it operating during administration. June's state budget revealed another $384 million had been set aside for KordaMentha to keep the steelworks running until it found a buyer — on top of an initial $384 million allocated when it took over the steelworks in February. The new $384 million may not be expended in full, and the state government said it expected it to be split 50-50 between the state and federal governments. Mr Malinauskas said the "run rate of expenditure" during the administration was "going down". The federal government is yet to commit to its half of the $384 million in administration funding earmarked for next financial year. Federal Industry Minister Tim Ayres said the federal government was working "carefully" with the state government and would not make announcements about future investments "on the fly". "Of course, you would expect this is public money we're going through a proper due diligence process working carefully with our partners in the South Australian government," Mr Ayres said. "I would be expecting to make announcements about that shortly." Mr Malinauskas also attended a ribbon cutting ceremony on Tuesday to mark the completion of a $32.4 million upgrade of Whyalla Airport. The upgrade — funded with $16.2 million from the federal government, $13.8 million from the state and $2.4 million from the council — will allow QantasLink's 74-seat Q400 aircraft to service Whyalla. The council-owned airport was previously running on a deficit of $800,000 a year. It also suffered a drop in passenger numbers and the permanent departure of Rex Airlines due to a security screening charge.
Reuters
24-06-2025
- Business
- Reuters
Australia begins formal sale process for Gupta's Whyalla Steelworks
SYDNEY, June 24 (Reuters) - The Australian government on Tuesday formally opened the sale process for commodity tycoon Sanjeev Gupta's Whyalla Steelworks, which it said has attracted strong interest from global steelmakers looking to expand into low-emission manufacturing. The steel plant in the state of South Australia was placed in administration in February, with its operating company owing tens of millions of dollars to creditors, and forced the state and federal government to come up with an A$1.9 billion ($1.23 billion) bailout package. "Selected prospective buyers have now been granted access to a secure data room - enabling initial due diligence and allowing parties to prepare non-binding indicative offers," Federal Industry Minister Tim Ayres said in a statement. "A range of prospective buyers have already expressed interest in acquiring and transforming the integrated operations." The independent sale process will be led by administrator KordaMentha and sale advisors 333 Capital, Ayres said. Gupta's family conglomerate, GFG Alliance, did not immediately respond to a request seeking comment. In March, GFG said it remained the largest creditor in Whyalla Steelworks at A$536 million ($347 million). The privately held conglomerate has been refinancing its global businesses in steel, aluminium and energy since its backer, supply chain finance firm Greensill, filed for insolvency in March 2021. Another subsidiary, Liberty Steel East Europe, was put into administration late last year. ($1 = 1.5444 Australian dollars)
Yahoo
24-06-2025
- Business
- Yahoo
Australia begins formal sale process for Gupta's Whyalla Steelworks
SYDNEY (Reuters) -The Australian government on Tuesday formally opened the sale process for commodity tycoon Sanjeev Gupta's Whyalla Steelworks, which it said has attracted strong interest from global steelmakers looking to expand into low-emission manufacturing. The steel plant in the state of South Australia was placed in administration in February, with its operating company owing tens of millions of dollars to creditors, and forced the state and federal government to come up with an A$1.9 billion ($1.23 billion) bailout package. "Selected prospective buyers have now been granted access to a secure data room - enabling initial due diligence and allowing parties to prepare non-binding indicative offers," Federal Industry Minister Tim Ayres said in a statement. "A range of prospective buyers have already expressed interest in acquiring and transforming the integrated operations." The independent sale process will be led by administrator KordaMentha and sale advisors 333 Capital, Ayres said. Gupta's family conglomerate, GFG Alliance, did not immediately respond to a request seeking comment. In March, GFG said it remained the largest creditor in Whyalla Steelworks at A$536 million ($347 million). The privately held conglomerate has been refinancing its global businesses in steel, aluminium and energy since its backer, supply chain finance firm Greensill, filed for insolvency in March 2021. Another subsidiary, Liberty Steel East Europe, was put into administration late last year. ($1 = 1.5444 Australian dollars) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
