Rescue team looks to resurrect Gladstone steel project

A local group of engineers are reportedly interested in a plan to save the troubled $4 billion Boulder Steel project near Mount Larson in Queensland.

The Gladstone Observer reports that the leader of the prospective rescue team, Paul Sundstrom, has said he is hopeful of securing $850,000 for the effort, but would first have to convince local firms of the value of doing so.

"There's a strong element of altruism right through this whole exercise,” he told the Gladstone Observer, claiming there were seven companies who had expressed interest.

"It's a project that should happen, and needs to happen.

"We've definitely had some strong interest, as this would essentially guarantee work for local companies on this massive project."

The Gladstone Steel Project and the company behind it, Boulder Steel, were put in administration in July, with Grant Thornton Australia appointed as administrators. The project’s environment impact statement is currently before the Queensland government.

Boulder Steel listed on the ASX in 1986.

It was reported that on October 30 creditors voted to return control of the company to its directors, before the directors decided only hours later to put it back into administration. Nicols + Brien emerged as the new administrators.


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