Gladstone Steel Project on hold as administrators appointed at Boulder Steel

The proposed Gladstone Steel Project, claimed to be worth $4 billion by the company behind it, will not go ahead as Boulder Steel goes into voluntary administration.

The Gladstone Observer reports that Trevor Pogroske and Said Jahani form Grant Thornton Australia have been appointed as administrators of bothBoulder Steel and the Gladstone Steel Project.

A meeting of creditors is scheduled for eight business days after the July 22 appointment of Pogroske and Said, and a second meeting 25 days after their appointment.

At the second meeting it will be decided whether administrators execute a deed of company arrangement, end the administration or wind up the two companies.

Boulder Steel managing director announced in October last year that the steel plant would begin development within 18 months, and later recommitted to the development the following month.

In January Chinese company PCK committed to the purchase of 44 per cent of the project’s output. An estimated 2,000 jobs were to be created in the construction phase, and 1,800 full-time jobs once the plant was running.

The website for Gladstone Steel Project cannot be found at the time of writing. 

Image: Gladstone Observer