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.
A collaboration by Hardi Australia with its sibling companies will create jobs in South Australia, according to the company’s chief executive.
Union representatives will meet Arrium administrators KordaMentha today, with administrators wanting Whyalla steelworks workers to accept a 15 per cent pay reduction. AAP reports that Australian Workers Union branch secretary Peter Lamps said the workers had already made sacrifices. Discussions were continuing. “I would suspect when you start getting closer to that bedrock, negotiations will … Continue reading Administrators want Whyalla steel workers to take 15 per cent pay cut
A $2.5 million state government grant and current defence projects were behind a decision by engineering support services company Babcock International Group to relocate its regional headquarters from Brisbane to Adelaide.
Twenty-five firefighters quickly contained a conveyor belt fire at the Birkenhead Brighton Cement factory at the weekend.
The South Australian government has announced a grant scheme, offering SMEs in the state – which has the country’s worst unemployment rate – $10,000 per each job created.