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Gupta calls Whyalla a spiritual home in race against time


Gupta calls Whyalla a spiritual home in race against time
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Steel magnate Sanjeev Gupta has stepped up a public charm offensive while he frantically tries to cement replacement funding for his teetering global empire, calling Whyalla his “spiritual home” and saying the steelworks and mining operations are benefiting from “strong tailwinds” in steel and iron ore markets.
In an open letter to people in South Australia, where he bought the Whyalla steelworks in mid-2017 after it was under administration for 16 months following the collapse of Arrium Ltd, he said he was “moving in the right direction” in the refinancing efforts. He is attempting to refinance between $400 million to $500 million for the steelworks and the Tahmoor coal operations in NSW which sit together in one of his Australian companies. ....

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Just how big and important is Sanjeev Gupta's metals biz empire?


Sanjeev Gupta is fighting to save his sprawling empire after Greensill Capital, its biggest lender, collapsed into administration.
While the markets for GFG Alliance’s steel mills and aluminum smelters are buoyant, a court filing revealed on Monday that Gupta’s group had told Greensill in February that it would be insolvent without its funding.
That casts a shadow over operations that employ about 35,000 people across 30 different nations. Some of those assets may be snapped up, but for others Gupta dubbed the “savior of steel” was the only bidder last time they were offered for sale. These are the most important assets and their significance for both local economies and international markets. ....

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