BlueScope Leads Consortium to Acquire Troubled Whyalla Steelworks in South Australia

Australian steel manufacturer BlueScope is leading a consortium in a bid to acquire the struggling Whyalla steelworks in South Australia, which filed for administration on February 19. The consortium includes notable partners such as Japan's Nippon Steel, India's JSW Steel, and South Korea's Posco. The group has expressed interest in transforming the facility into a hub for producing lower-emission iron, leveraging the site's strategic location for future sustainable steel production. This consortium, boasting an aggregate steelmaking capacity of approximately 130 million tonnes annually, has submitted an initial expression of interest that encompasses the steelworks' assets, including port facilities and a previously operated 9 million tonne per year iron ore export business managed by UK-based GFG Alliance. The group plans to conduct thorough due diligence and engage with both federal and state governments as they consider advancing to the next phase of the sale process. The Australian government, along with South Australian authorities, has committed nearly A$2.66 billion ($1.72 billion) in support to ensure the continuation of steelmaking operations at Whyalla. The federal go...