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House of Assembly - Fifty-Third Parliament, Second Session (53-2)
2017-07-05 Daily Xml
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Ministerial Statement

Arrium

The Hon. A. KOUTSANTONIS (West Torrens—Treasurer, Minister for Finance, Minister for State Development, Minister for Mineral Resources and Energy) (14:01): I seek leave to make a ministerial statement.

Leave granted.

The Hon. A. KOUTSANTONIS: I would like to inform the house of the successful sale of the Arrium Group to Liberty House. Deed administrator, KordaMentha, this morning informed the South Australian government that Gupta Family Group Alliance has acquired Arrium as a whole, including the steelworks at Whyalla and the associated mines and infrastructure. This is undeniably welcome news for the workers and management at Whyalla and the people of Upper Spencer Gulf.

Today's news will no doubt take a huge burden off the shoulders of the people of Whyalla, who have demonstrated great patience and strength as the sale process took its course. GFG Alliance, led by Executive Chairman Sanjeev Gupta, submitted a modified offer last night after the exclusivity period granted to the South Korean consortium, Newlake, expired on Friday with no deal reached.

The unconditional offer was accepted by the administrators and the process will now proceed to a recommendation to the Committee of Creditors and remain subject to Foreign Investment Review Board approval. This competitive process demonstrates the strong international interest to invest in Whyalla and South Australia, and I want to acknowledge the faith the Gupta family and the team from Liberty House and SIMEC have shown in Arrium and Whyalla.

The Premier and I spoke with Mr Gupta this morning and offered our congratulations on behalf of South Australia. Mr Gupta reaffirmed his strong commitment to the long-term future of the Whyalla operations. The GFG Alliance has shown around the world, and in the United Kingdom in particular, that they are great supporters and believers in the future of the steel industry and its workers. They will be a welcome addition to the South Australian business community.

After 15 months in administration, I am confident that the Arrium Group of Companies can now successfully transition into new ownership with a long-term plan for the steelworks at Whyalla and the associated mines and infrastructure. I also want to acknowledge the member for Giles and the local council, led by Mayor Lyn Breuer, for their continued support throughout this process.

I look forward to further updating the house with more information as we continue the work required to secure the jobs and future of Whyalla and lock in the benefits of the new ownership for South Australia and the nation. It is critical to the sovereignty of this nation that we continue to produce our own steel, and I hope all members of the house will join me in applauding this latest good news for this regional community.

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