Published by Global Banking & Finance Review®
Posted on June 24, 2025
2 min readLast updated: January 23, 2026
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Australia starts selling Whyalla Steelworks, attracting global interest in low-emission manufacturing. The plant was placed in administration due to debts.
SYDNEY (Reuters) -The Australian government on Tuesday formally opened the sale process for commodity tycoon Sanjeev Gupta's Whyalla Steelworks, which it said has attracted strong interest from global steelmakers looking to expand into low-emission manufacturing.
The steel plant in the state of South Australia was placed in administration in February, with its operating company owing tens of millions of dollars to creditors, and forced the state and federal government to come up with an A$1.9 billion ($1.23 billion) bailout package.
"Selected prospective buyers have now been granted access to a secure data room - enabling initial due diligence and allowing parties to prepare non-binding indicative offers," Federal Industry Minister Tim Ayres said in a statement.
"A range of prospective buyers have already expressed interest in acquiring and transforming the integrated operations."
The independent sale process will be led by administrator KordaMentha and sale advisors 333 Capital, Ayres said.
Gupta's family conglomerate, GFG Alliance, did not immediately respond to a request seeking comment. In March, GFG said it remained the largest creditor in Whyalla Steelworks at A$536 million ($347 million).
The privately held conglomerate has been refinancing its global businesses in steel, aluminium and energy since its backer, supply chain finance firm Greensill, filed for insolvency in March 2021. Another subsidiary, Liberty Steel East Europe, was put into administration late last year.
($1 = 1.5444 Australian dollars)
(Reporting by Renju Jose in Sydney; Editing by Sonali Paul)
The steel plant was placed in administration in February due to its operating company owing tens of millions of dollars to creditors.
The independent sale process will be led by administrator KordaMentha and sale advisors 333 Capital.
GFG Alliance remains the largest creditor in Whyalla Steelworks, with debts amounting to A$536 million.
GFG Alliance has been refinancing its global businesses in steel, aluminium, and energy since its backer, Greensill, filed for insolvency in March 2021.
Selected prospective buyers have been granted access to a secure data room for initial due diligence and to prepare non-binding indicative offers.
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