GFG 'finalising new financing' to 'catch up' with Whyalla steelworks' creditors, Gupta says
1 month, 3 weeks ago

GFG 'finalising new financing' to 'catch up' with Whyalla steelworks' creditors, Gupta says

ABC  

The embattled owner of the Whyalla steelworks says GFG Alliance is in the process of "vigorously finalising new financing" as the firm works to "catch up" with its creditors. In a statement released late on Tuesday afternoon, Sanjeev Gupta said GFG was "steadily ramping up production", adding: "We can only be successful if all stakeholders work together." Premier Peter Malinauskas earlier said GFG owed the state government "tens of millions of dollars" in unpaid mining royalties. In his statement on Tuesday, Mr Gupta assured his creditors and stakeholders that GFG was making "meaningful progress" and expressed gratitude for their "remarkable patience".

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History of this topic

Whyalla steelworks losing $1.5m per day before administration, KordaMentha says
4 weeks, 1 day ago

Whyalla steelworks losing $1.5m per day before administration, KordaMentha says

ABC  

The Whyalla steelworks lost nearly $320 million in the seven months before it was tipped into administration by the South Australian government, with the full extent of the industrial plant’s debts revealed to be more than $1.3 billion. “This equates to a loss before income tax of approximately $1.5 million per day,” KordaMentha administrator Lara Wiggins told the meeting. “This …

Government had been chasing GFG Alliance over Whyalla steelworks debts since early 2024, new documents reveal
1 month ago

Government had been chasing GFG Alliance over Whyalla steelworks debts since early 2024, new documents reveal

ABC  

The SA government had been pursuing GFG Alliance over unpaid royalties since the beginning of last year — and made repeated threats to suspend the company's mining permits, new documents show. But Energy and Mining Minister Tom Koutsantonis said the government acted "at exactly the appropriate time to remove the steelworks from GFG". In a statement to the ABC on …

Creditors of Whyalla steelworks owed $1 billion, ABC understands
1 month ago

Creditors of Whyalla steelworks owed $1 billion, ABC understands

ABC  

The ABC understands creditors of the Whyalla steelworks are owed more than $1 billion. However, GFG Alliance claims it and its subsidiaries, which take the form of separate contractors and the Tahmoor coal mine in New South Wales, are the steelworks's largest creditors, with a spokesperson telling the ABC that they are owed $500 million of the more than billion-dollar …

A quick timeline of the Whyalla steelworks
1 month, 1 week ago

A quick timeline of the Whyalla steelworks

ABC  

After months of speculation over the future of Whyalla's steelworks, the South Australian government has forced the industrial plant into administration, putting an end to GFG Alliance's almost eight-years of ownership. Mr Gupta's GFG Alliance announces new plans for a "mega" steel plant and signs contracts worth more than $600 million as part of the transformation project. October 2021– Steelworks …

Australia Bails Out Gupta’s Steelworks With $1.5 Billion Package
1 month, 1 week ago

Australia Bails Out Gupta’s Steelworks With $1.5 Billion Package

Live Mint  

-- An Australian steelworks owned by tycoon Sanjeev Gupta will receive a A$2.4 billion government bailout package, a day after it was forced into administration due to unpaid debts. Australian Prime Minister Anthony Albanese told workers at the site of the Whyalla steelworks in South Australia on Thursday that the funding, which would be split between the federal and state …

Whyalla steelworks forced into administration by SA government, GFG no longer running site
1 month, 1 week ago

Whyalla steelworks forced into administration by SA government, GFG no longer running site

ABC  

The South Australian government has forced the Whyalla steelworks into administration as it attempts to resolve the crisis at the embattled site. With Whyalla now in administration, Mr Malinauskas said suitable buyers were being sought and the premier said he had "reason to believe" Bluescope may be interested. In a statement released on Wednesday afternoon, a GFG Alliance spokesperson said: …

GFG Alliance announces intention to sell stake in coal mine and direct profits to Whyalla steelworks' suppliers
1 month, 2 weeks ago

GFG Alliance announces intention to sell stake in coal mine and direct profits to Whyalla steelworks' suppliers

ABC  

The Whyalla steelworks' owner says it will sell part or all of its stake in a New South Wales coal mine and use some of the proceeds to "catch-up" on payments owed to suppliers. In a statement, GFG Alliance announced intentions to begin an "expedited process" to sell their equity in the Tahmoor Coking Mine in the Southern Highlands, with …

Whyalla steelworks' owner GFG Alliance owes $15 million to SA Water, parliamentary committee hears
1 month, 3 weeks ago

Whyalla steelworks' owner GFG Alliance owes $15 million to SA Water, parliamentary committee hears

ABC  

Whyalla steelworks' owner GFG Alliance owes about $15 million in unpaid water bills to the state government, according to a senior public servant who says there are "concerns around solvency" for the troubled industrial plant. It comes after Premier Peter Malinauskas revealed last week that GFG owes the state government "tens of millions of dollars" in unpaid mining royalties as …

Iron mining job losses 'could have been avoided' by GFG, SA Energy Minister says
2 months, 2 weeks ago

Iron mining job losses 'could have been avoided' by GFG, SA Energy Minister says

ABC  

South Australia's Energy Minister has slammed the company that owns the Whyalla steelworks, saying hundreds of job losses in the local iron mining industry "could have been avoided". Energy and Mining Minister Tom Koutsantonis said the cuts were triggered when "GFG made a board decision yesterday to end that contract" with Goldings. Mr Koutsantonis said he was only informed of …

Whyalla steelworks behind in royalty payments, as government seeks insolvency advice as 'contingency' plan
6 months, 1 week ago

Whyalla steelworks behind in royalty payments, as government seeks insolvency advice as 'contingency' plan

ABC  

The South Australian government says it has sought advice from insolvency experts about the situation at the Whyalla steelworks — and has acknowledged the possibility that the site's owner, which has fallen behind on its royalty payments, could go "into administration". 'Don't know if it's tens of millions' On Friday, Mr Gupta met with employees in Whyalla, where he "listened …

Local MP slams GFG Alliance as more than 100 jobs cut from regional SA mining operations
6 months, 2 weeks ago

Local MP slams GFG Alliance as more than 100 jobs cut from regional SA mining operations

ABC  

More than 100 jobs are set to be cut at mining operations on the Eyre Peninsula, linked to GFG Alliance. Mine owner, GFG Alliance said it was entering the next planned phase of its hematite iron ore ramp down as it shifts its focus to mining magnetite ore in the future. "Most of the employees that we speak to …

GFG Alliance reduces maintenance at Whyalla Steelworks to save on costs as alarm raised over safety concerns at aging plant
6 months, 3 weeks ago

GFG Alliance reduces maintenance at Whyalla Steelworks to save on costs as alarm raised over safety concerns at aging plant

ABC  

The owner of the Whyalla Steelworks, GFG Alliance, says it is cutting costs, including on maintenance work at the plant, as it contends with a global slump in steel prices. On the condition of anonymity, a former steelworks employee told ABC News he feared someone would "get hurt" because not enough preventative maintenance work was being done. "Unfortunately, Mr Gupta, …

GFG Alliance cuts 48 jobs at Whyalla steelworks, as contractors say they are owed tens of thousands of dollars
7 months, 2 weeks ago

GFG Alliance cuts 48 jobs at Whyalla steelworks, as contractors say they are owed tens of thousands of dollars

ABC  

Almost 50 jobs have been axed at the Whyalla steelworks with its owner GFG Alliance blaming a prolonged downturn in steel market conditions globally. The ABC earlier revealed GFG Alliance owed several contractors in Whyalla tens of thousands of dollars. "The state government is in frequent contact with GFG about its Whyalla operations and I am pleased to note its …

Whyalla steelworks contractors owed tens of thousands of dollars by GFG Alliance
7 months, 2 weeks ago

Whyalla steelworks contractors owed tens of thousands of dollars by GFG Alliance

ABC  

Several contractors who supply services to Whyalla's steelworks are owed tens of thousands of dollars by the plant's owner, British metals conglomerate GFG Alliance, according to several sources who have spoken to ABC News. "Lack of orders, and for some, lack of payment from GFG and associated companies returns us to an insecure future …" Whyalla's steelworks was offline earlier …

Whyalla steelmaking resumes after shutdown caused months of uncertainty for workers
8 months, 3 weeks ago

Whyalla steelmaking resumes after shutdown caused months of uncertainty for workers

ABC  

Steelmaking has resumed at the Whyalla Steelworks after GFG Alliance was able to restart the blast furnace. Australian Workers' Union acting state secretary Gary Henderson says the union hopes GFG Alliance have learned from this experience. Acting state secretary for the Australian Workers' Union Gary Henderson says he hopes future maintenance works won't result in a loss of wages for …

Whyalla steelworks owner Sanjeev Gupta says blast furnace expected to be fully operational next month
10 months ago

Whyalla steelworks owner Sanjeev Gupta says blast furnace expected to be fully operational next month

ABC  

In short: GFG Alliance chairman Sanjeev Gupta said the Whyalla steelworks blast furnace was restarted on the weekend. GFG Alliance chairman Sanjeev Gupta said the Whyalla steelworks blast furnace was restarted on the weekend. The Whyalla blast furnace is on track to be fully operational again next month after being restarted on the weekend, the British owner of the South …

Sanjeev Gupta’s GFG settles disputes with Tata Steel and Rio Tinto
3 years, 7 months ago

Sanjeev Gupta’s GFG settles disputes with Tata Steel and Rio Tinto

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Sanjeev Gupta’s under-pressure business empire …

Sanjeev Gupta, owner of GFG, attempts to negotiate reprieve on Greensill debt
4 years ago

Sanjeev Gupta, owner of GFG, attempts to negotiate reprieve on Greensill debt

Hindustan Times  

Sanjeev Gupta’s GFG Alliance is battling to negotiate a reprieve on its debt obligations to Greensill Capital as the unraveling of its biggest lender threatens to take down the metals group. “While Greensill’s difficulties have created a challenging situation, we have adequate funding for our current needs,” GFG said in an emailed statement, adding that attempts to secure alternative financing …

Gupta's GFG alliance continues negotiations on Greensill debt
4 years ago

Gupta's GFG alliance continues negotiations on Greensill debt

Hindustan Times  

Sanjeev Gupta’s GFG Alliance is battling to negotiate a reprieve on its debt obligations to Greensill Capital as the unraveling of its biggest lender threatens to take down the metals group. “While Greensill’s difficulties have created a challenging situation, we have adequate funding for our current needs,” GFG said in an emailed statement, adding that attempts to secure alternative financing …

After ArcelorMittal unit, Sanjeev Gupta to buy US-based steel assets in 2018
7 years, 3 months ago

After ArcelorMittal unit, Sanjeev Gupta to buy US-based steel assets in 2018

Live Mint  

London: British industrialist Sanjeev Gupta is in talks to purchase and build more US-based steel and industrial assets next year, after buying ArcelorMittal’s Georgetown Steelworks over the weekend. Gupta, executive chairman of GFG Alliance which is a $10 billion metals, industrials and energy group, has been snapping up distressed industrial assets in Britain, Australia and the US in the past …

Arrium sale: Whyalla steelworks wasn't a bargain, new boss Sanjeev Gupta says
7 years, 8 months ago

Arrium sale: Whyalla steelworks wasn't a bargain, new boss Sanjeev Gupta says

ABC  

British businessman Sanjeev Gupta, who heads the company which has bought the Whyalla steelworks, has said "the sky's the limit" when it comes to the site's potential but has kept his bid and job growth prediction under wraps. Mr Gupta revealed his plans to invest "well over $1 billion" in the Whyalla business in the short to medium term and …

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