Future of Thousands of Steelwork Jobs in the Air

Thousands of South Australians are looking to the federal government for assurance as the future of Whyalla Steelworks operations remain uncertain. Whyalla’s owner, Sanjeev Gupta, chairman of GFG Alliance, was taken to court by Credit Suisse on Tuesday over the financial collapse of one of its biggest lenders, Greensill. Following its collapse, Credit Suisse is trying to recover a portion of its billions of finance by breaking up Gupta’s Australian assets. If the creditor is successful, it could end two operations under Gupta and send OneSteel Manufacturing, which runs Whyalla Steelworks, and Tahmoor Coal into liquidation. GFG Alliance assured the public and told InDaily on Wednesday that it had received multiple offers of finance from large investment funds and is currently in advanced due diligence. “The term sheets as currently proposed would provide enough cash to repay the creditors,” the spokesman said in the statement. “GFG Alliance expects the confirmatory …
Read More
International News | The Epoch Times