Davos, Switzerland | The British industrialist behind the struggling Whyalla steelworks in South Australia says he is raising $150 million in new funds for the operation and claims that the company is just months away from shaking off its creditors, paying suppliers and getting back on track.

Mr Gupta – whose Liberty steel-making empire has been plagued by losses, debts and chronic shutdowns – is also shutting or selling all but one of his troubled European plants as he tries to draw a line under a crisis that began four years ago with the collapse of his main financier, Greensill Capital.