News
The embattled Whyalla steelworks appears to have been saved, with Sanjeev Gupta’s GFG Alliance announcing a refinancing deal just hours before a court bid to wind up its operations is set to begin.
News
Sanjeev Gupta’s GFG Alliance faces its first hearing in the NSW Supreme Court tomorrow to defend an application by Citibank to wind up its Australian operations -including the Whyalla Steelworks.
Get InDaily in your inbox. Daily. The best local news sent straight to your inbox every workday at lunchtime.
Thanks for signing up to the InDaily newsletter.
Treasurer Rob Lucas says that a $50 million support package for the Whyalla steelworks promised by the former Labor government will not be handed over to Sajeev Gupta’s GFG Alliance to help bail the company out if it or its South Australian operations fall victim to a financial crisis engulfing its major lender.
Whyalla steelworks owner Sanjeev Gupta has sold his company’s stake of South Australian company ZEN Energy back to its original owners, as the British billionaire’s GFG Alliance looks to cut costs globally.
GFG Alliance says it has no “plans for widespread workforce changes” at the Whyalla steelworks, but has refused to rule out future job cuts, after the company axed more than 350 jobs from its steel plants in the UK last week.
Sanjeev Gupta’s GFG Alliance has been in discussions with the State and Federal Governments over potential taxpayer support for the Whyalla steelworks, the company acknowledged today.
