If there is to be any chance of saving the Whyalla steelworks from the wreckage that is Arrium, it probably still lies with its bankers and the big four Australian banks in particular.
Should the administration of Arrium, now overseen by Grant Thornton, follow a conventional course, its best asset the Moly-Cop grinding materials business will be sold, along with the profitable bits of its steel business, leaving the cash-burning Whyalla steelworks and iron ore operations inside an unsustainable structure and destined to be liquidated.
Private equity groups are already circling the very attractive and profitable Moly-Cop business, but Arriums experience last year, when it put Moly-Cop up for sale and attracted offers, strongly sug…
Read the full article at: http://www.businessspectator.com.au/article/2016/4/8/industries/big-four-can-still-save-whyalla