South Australia Premier Peter Malinauskas said on Wednesday the state had placed commodity tycoon Sanjeev Gupta 's Whyalla Steelworks in administration, citing its deteriorating financial position. Trump-Modi MeetThe mega MIGA, MAGA plans of India's Modi and US' TrumpTrump says India has more tariffs than othersTrump's 'golden rule' for imposing reciprocal tariffs Gupta's family conglomerate, GFG Alliance , 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. "The South Australian government has decided to put the operator of the steelworks into administration," Malinauskas told a press conference. "This means that GFG are no longer running the Whyalla Steelworks." The Whyalla steelworks' operating company owed tens of millions of dollars to the state government and other creditors, he said. 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As recently as last week it said it was working on a final binding legal agreement after reaching a deal with Greensill creditors on settlement terms of all its debts. GFG bought the steelworks from Arrium , which collapsed in April 2016 with A$2.8 billion ($1.78 billion) in debt. The decision to put GFG in administration may remove a roadblock to the state's government's plans to set itself up as a producer of lower carbon steel. "We have one of the world's best quality magnetite resources that is highly economic, and it is not being exploited to the benefit of generating new wealth for our state and the country,' Malinauskas said. "That just happens to be right adjacent to a fully integrated steelworks, which is on a port. It is globally unique. So all of the ingredients are there for...decarbonised steelmaking." (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
