Today
Whyalla steelworks sought $144m cash for steel that did not exist yet
Administrator Mark Mentha says the first week of stabilising the company, including unravelling millions in prepayments, was like “drinking out of a fire hose”.
Yesterday
Whyalla’s administrators say steelworks was ‘hard-wired’ for losses
The South Australian government expects KordaMentha to run the plant until mid-2026, after the mill was seized from British industrialist Sanjeev Gupta.
Sanjeev Gupta’s contractor knows how to plan a holiday
NRW Holdings’ managing director Jules Pemberton might be the country’s best leave whisperer.
February
Creditors of collapsed Whyalla steelworks owed $1b
Sanjeev Gupta, the British industrialist who acquired the South Australian plant in 2017, has told staff his GFG business is owed $500 million.
Sanjeev Gupta’s last best asset faces a Ben Brazil-shaped problem
The former Macquarie dealmaker says the British industrialist’s InfraBuild must buy back $800 million in bonds. The company says it is a “nuisance complaint”.
Sanjeev Gupta’s largest creditor leads an Insta-rich life
NRW Holdings has been revealed as Whyalla’s biggest creditor. The company’s CEO has been globetrotting while the Gupta debts hit home.
December phone call led to Whyalla steelworks bust
A call to administrator Mark Mentha two days before Christmas culminated in the dramatic seizure of Sanjeev Gupta’s steel plant two months later.
Whyalla steelworks fallout trips up $1.5b mining contractor
NRW Holdings must hastily redo its half-year result because its Golding business is owed up to $120 million in the collapse of part of Sanjeev Gupta’s empire.
Albanese’s Whyalla rescue plan is a gamble on Australia’s future
Wasting subsidies on industries with poor growth prospects is not the way to restore Australian prosperity.
Dutton hints at privatising nuclear – one day
Opposition leader says there is a difference between governments building nuclear power plants and buying into the Whyalla steelworks
Gupta’s ‘ringfenced’ InfraBuild bought $430m of Whyalla steel
KordaMentha will scrutinise the sizeable related-party transactions in the administration of the stricken steelworks.
Why Albanese is going for broke at Whyalla
The prime minister is intent on saving jobs and the South Australian steel industry with a joint government bailout of $2.4 billion. But his hopes of a green steel future are much more tenuous.
KordaMentha gets second bite of the Whyalla apple
Mark Mentha and his colleague Sebastian Hams return to the steelworks town after both did the due diligence on Sanjeev Gupta.
Labor open to equity stake in Whyalla steelworks
Part government ownership of the Whyalla steelworks is one option not being ruled out to help lure a buyer.
Jobless rate rises; Labor’s $2.4b Whyalla rescue; Rio Tinto’s miracle
Read everything that’s happened in the news so far today.
Gupta says Whyalla seizure ‘unprecedented’ and ‘wrong’
In an internal memo to his executives, the British industrialist defended his time running the steelworks, suggesting legal action to recover debts owed to him.
How Gupta’s ill-fated Whyalla ownership unravelled
Sanjeev Gupta has lost Adelaide’s politicians, and with them, his last loyal constituency.
Labor prepares rescue plan after Gupta’s Whyalla steelworks collapses
The massive South Australian manufacturing operation is being run by KordaMentha, with the federal and state governments signing off on a major support package.
South Australia shirt-fronts Gupta to save Whyalla once again
The South Australian government lost confidence in Sanjeev Gupta’s promises. But a new buyer will need to stomach two big risks.
Whyalla steelworks in administration; NAB shares dive; WFH tide turns
Read everything that’s happened in the news so far today.