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Future of Thousands of Steelwork Jobs in the Air
Thousands of South Australians are looking to the federal government for assurance as the future of Whyalla Steelworks operations remain uncertain.
Whyalla’s owner, Sanjeev Gupta, chairman of GFG Alliance, was taken to court by Credit Suisse on Tuesday over the financial collapse of one of its biggest lenders, Greensill. Following its collapse, Credit Suisse is trying to recover a portion of its billions of finance by breaking up Gupta’s Australian assets.
If the creditor is successful, it could end two operations under Gupta and send OneSteel Manufacturing, which runs Whyalla Steelworks, and Tahmoor Coal into liquidation.
Workers react to Sanjeev Gupta insolvency hit Workers arriving at Whyalla’s Steel City this morning are hopeful Sanjeev Gupta will stop the move to legally declare his business insolvent.
Business by Michelle Etheridge, Rebecca Digirolamo 7th Apr 2021 12:04 PM
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Subscriber only Outside the Whyalla steelworks this morning, staff showed mixed feelings about the news that scores of local jobs hang in the balance as creditors seek to seize control of Sanjeev Gupta s Whyalla steel operations. Welding co-ordinator Tom Mitchell, who has been working directly or indirectly for the steelworks since 1978, said he was still confident about the future.