GFG Alliance’s executive chairman Sanjeev Gupta optimistic on future of Whyalla’s steel plant
The boss of Gupta Family Group (GFG) Alliance remains optimistic about the future of Whyalla’s steel plant, while sharing a glimpse of how the company plans to move forward.
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GFG Alliance boss Sanjeev Gupta remains optimistic about the future of Whyalla’s steel plant.
In a cabinet meeting with the state government on Monday, GFG executive chairman Mr Gupta said they’re hopeful of overcoming and “weather the current industry-wide downturn”.
“The market is already showing signs of recovery,” Mr Gupta said.
“We have a plan on how to get Whyalla back to even keel which we outlined to cabinet.”
Mr Gupta said the initial steps involve “running the blast furnace at full production,” to surge business for “contractors and the supply chain”.
“I also reconfirm my commitment to our long-term green steel transformation which we are aligning with the state government’s commitment to provide green hydrogen and infrastructure for natural gas,” he said.
“Whyalla has a multi-generational opportunity to lead the world on green steel but it will take time like any groundbreaking technology and will need hands-on active support from governments.”
Mr Gupta said: “We remain committed to running the blast furnace and ensuring the safe and effective running of the Whyalla steelmaking and mining operations to get us there.”
In September, GFG revealed that the Whyalla operations as a whole had fallen to a loss making position after two previous years of profit, and the company had been laying off staff both among its white collar ranks and at the mines in the Middleback Ranges.
GFG’s financial woes were amplified after a blast furnace went offline in mid September, after an extended outage earlier this year, when steelmaking was halted from March through to the end of June.
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Originally published as GFG Alliance’s executive chairman Sanjeev Gupta optimistic on future of Whyalla’s steel plant
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