Manufacturing News

Queensland steel project likely to go ahead

The troubled Gladstone Steel project is now likely to proceed as funds raised have almost reached their goal and international steel buyers are showing interest.

As the Gladstone Observer reports, almost $300,000 has been raised and there have been three expressions of interest.

Project co-ordinator Paul Sundstrom said there was now a 75 per cent likelihood the project would go ahead.

"Total funds raised to date is very close to $300k, and this has got us control of the project and well on the way to owning it outright," he said.

If the project does proceed 1800 permanent jobs will be created plus many more during the construction phase.

The project was first proposed in July 2008. However, in July 2013 Boulder Steel Ltd went into voluntary administration. Then in November of the same year a rescue team, led by Sundstrom was formed to try to save the project.


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