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Two final offers to buy Arrium's entire operations

Business

The administrators for troubled steel producer Arrium say purchase offers have been received from two shortlisted bidders for all of the company's Australian operations.

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Mark Mentha of KordaMentha says the offers will be reviewed and compared and he expects there to be talks with the bidders, governments and key stakeholders.

“This is a complex business and the offers have many conditions to be worked through,” Mentha said in a statement today.

“This will require active dialogue with the bidders, Government and key stakeholders. We can confirm both bidders have filed their FIRB applications.”

He said the process would involve a thorough review and comparison of the offers in consultation with Morgan Stanley, KordaMentha’s sale advisers.

Arrium owns Whyalla’s steelworks – the central employer in the Iron Triangle town.

Treasurer Tom Koutsantonis said he was “optimistic that a successful sale of Arrium will secure the long-term prosperity of Whyalla and enhance the steel making industry in Australia”.

“The State Government has committed $50 million to be invested in steelmaking infrastructure in Whyalla,” he said in a statement.

“With just weeks left before the sales process is finalised now is the time for the Federal Government to also make a substantial commitment to the 3000 jobs that depend on the steelworks and mine in Whyalla.”

– with AAP

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