A multimillionaire industrialist known as Britain’s “man of steel” has won the bidding battle for Arrium, ending more than a year of uncertainty for the collapsed South Australian steelmaker.
British consortium GFG Alliance, led by metals magnate Sanjeev Gupta, trumped a rival proposal from a South Korean group on Tuesday night and Arrium administrators KordaMentha on Wednesday settled the sale with GFG.
The steelmaker was placed into voluntary administration in April last year, with debts of more than $4 billion.
South Australian Premier Jay Weatherill said the deal is a big win for Whyalla, the state and the country, with Liberty pledging to keep the entire workforce intact.
“The sale of the whole of the business is a d…
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