8 March 2021
The last decade saw British steel magnate Sanjeev Gupta quickly emerge as the saviour of one of Australia’s largest steelworks, and plans for gigawatts of large scale solar to underpin his “green steel” and “green industry” vision here and abroad.
Now, however, that green vision could be stymied as Gupta’s Australian-born financial backer heads towards insolvency.
Gupta has built a substantial global empire of steel and aluminium manufacturing, as well as a growing portfolio of green energy projects as part of a substantial shift to low emissions manufacturing, including a $1 billion plan to build renewable energy facilities in Australia to power the company’s steelmaking operations.
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Guptaâs Whyalla steelworks reverses losses
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Sanjeev Guptaâs GFG Alliance says the Whyalla steelworks and associated iron ore mining operations are back in the black after years of losses, as unions expressed concern about the potential fallout from the troubles of one of GFGâs main financiers, Greensill Capital.
The steelworks in South Australia ran at a loss last year, prompting a three-month review to prune costs. The broad rebound in the economy as stimulus programs triggered heavy demand in the construction sector, and rising iron ore prices helped the group return to a profit on an earnings before interest, tax and amortisation basis, the company said.