Posco has directly contradicted industry minister Greg Hunt, who made a statement yesterday saying Posco had “strong desire” to buy and upgrade Arrium’s Whyalla steelworks, claiming they were only offering to sell their technology to Arrium. A spokesman for Posco told Reuters that, “Posco has not participated in bidding to buy Arrium,” as was widely … Continue reading All a misunderstanding? Posco contradicts Hunt, says it’s not bidding for Arrium
Holden has been donating historic material to the State Library of South Australia since 1997, and has confirmed it will keep it there, as the car maker prepares to end its Australian manufacturing operations late-next year.
WHEN Australia stops for the Melbourne Cup on Tuesday, workers at a small manufacturing company in the Adelaide Hills will have more riding on it than just the office sweepstake.
Creditors have been told by Arrium administrators KordaMentha that the company should be sold to the highest bidder, rather than liquidated, and that the group may have traded while insolvent prior to its April collapse.
Britain’s wealthy Gupta family is reportedly interested in Arrium’s steel and iron assets.
Arrium’s administrators have received about 20 expressions of interest, with non-binding offers coming through over this month and final bids due in December for the collapsed iron ore and steel company.
Power has been urgently restored at Arrium’s Whyalla site, minimising what was expected to be a loss of up to $30 million, following last week’s South Australian blackout.
Whyalla’s Arrium workers have voted in favour of a 10 per cent pay cut, following a rejection of the new enterprise agreement last month, in news the company’s administrator said would help ensure the survival of the steelworks.
Senator Nick Xenophon has blamed renewables for the state-wide blackout in South Australia yesterday.
Bill Shorten will meet Arrium workers this afternoon, and will push prime minister Malcolm Turnbull to increase the government’s support from the $49.2 million loan pledged during the election campaign.
Economic uncertainty in the steel city of Whyalla is seeing increased anxiety in the community and putting youth in danger of developing drug and other problems, according to Mission Australia.
The founder of South Australian manufacturer Hegs has said a growing number of contracts is expected to double the company’s headcount.
South Australia is hoping to get as much as possible out of armoured vehicle work for the Land 400 project, and has pledged to create a centre of excellence for military vehicles in its pitch.
Londsale manufacturer Seeley International was part of a big data project, collecting information on its products from around the world to help inform product design.
According to a report today, losses at Arrium’s Whyalla steelworks have been reduced to an estimated $11 million for next financial year, though doubts remain that it will attract a buyer.
Asbestos has been found in heat exchanger tubes, imported from China and to be used in the redevelopment of the Port Pirie smelter.
According to the administrator involved, a deal on pay reductions for Arrium workers could come as soon as this afternoon.
According to a report in today’s Australian newspaper, former Orica executives, Andrew Larke and Patrick Largier, are being courted by the administrators of Arrium to become directors of its $1.5 billion subsidiary Moly-Cop. Moly-Cop makes steel grinding balls used in mining and is touted as one of the most lucrative part of Arrium’s ailing operations. … Continue reading Arrium administrators find Orica execs as the solution for Moly-Cop
An informal meeting was held last night at Whyalla, with Arrium administrator KordaMentha briefing an audience and explaining the need for a new pay agreement and energy solution to assist with the sale.
Morgan Stanley will run the sale process for Arrium Australia – the steel and iron ore group minus Moly-Cop – with the mandate to pursue a trade sale rather than ASX listing.