Why it matters: Infrabuild is Sanjeev Gupta’s biggest business in Australia and operates two mini steel mills and a large national distribution unit.
The latest Infrabuild accounts show net profit after tax slipped by 16 per cent to $239.6 million.
New CEO Francisco Irazusta started at the helm on October 1.
InfraBuild, the steel distribution group that is one of British businessman Sanjeev Gupta’s key assets, has launched a last-ditch $US350 million ($544 million) bond in a bid to raise enough money to repay loans due next year, warning there were “material uncertainties” it could pay its debts.
In accounts filed with the corporate regulator, the business that was formerly OneSteel and Smorgon Steel said the company’s cash-flow forecasts included $US350 million in new bonds launched this month. That would allow it to repay $US325 million that would become due next October.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
