Whyalla steelworks owner Sanjeev Gupta flies out of Adelaide after top secret crisis talks with Premier Peter Malinauskas

The Premier has held top-secret crisis talks with Sanjeev Gupta – hours before being spotted deep in conversation with the boss of a rival steel firm. It comes as Mr Gupta flies out of Adelaide.

Embattled billionaire Sanjeev Gupta has flown out of Adelaide after holding top secret crisis talks, amid mounting pressure on the tycoon over his empire’s debts and its flagship steel city plant.

The British industrialist magnate, who is now based in Dubai, held confidential talks with Premier Peter Malinauskas at an undisclosed location on Sunday.

Mr Malinauskas, who was seen hours later deep in conversation with rival BlueScope Steel chief executive Mark Vassella at the Liv Golf on Sunday, last week issued a blunt personal demand to the Whyalla steelworks owner to pay creditors and debts.

Officials refused to say what was discussed, who called the meeting or even if one occurred with the GFG Alliance executive chairman amid political pressure on the state’s official hydrogen strategy.

It is understood the crisis talks occurred before the Premier – who returned to Whyalla on Monday – arrived at Grange Golf Club, in Adelaide’s west, for a midmorning media call when he announced a Liv tournament extension.

Mr Gupta was only in Adelaide briefly before flying out of SA on Sunday on a private charter flight.

Later, on Monday morning, Mr Malinauskas confirmed in an interview with FIVEAA that he had held talks with both Mr Gupta and Mr Vassella.

He would not reveal any details, other than to say he emphasised to Mr Gupta that he needed a credible plan to pay back creditors and “actions speak louder than words now”.

“We don’t need statements, we don’t need commitments, we need money being transferred to people’s bank accounts. He understands our position and I was pretty forthright about that.”

Mark Vassella Managing Director and chief executive officer of BlueScope Steel with Premier Peter Malinauskas at LIV Golf on Sunday, February 16. Picture: The Advertiser

Premier Peter Malinauskas, Sanjeev Gupta and Federal Industry Minister Ed Husic at the Whyalla steel plant on April 4, 2023. Picture: GFG Alliance/Brenton Edwards

It is understood Mr Gupta – whose GFG Alliance owed at least $300m in outstanding debts to creditors including $17m to SA Water along with “tens of millions of dollars in government royalties – also met with Chinese “investors” who had flown in from Melbourne.

His spokeswoman had no comment on Sunday night.

Port Adelaide Football Club denied claims Mr Gupta, one of its major sponsors through GFG who has faced a backlash over $10m plans to upgrade his mansion, had specific meetings with senior Power officials including president David Koch in Adelaide on Sunday.

It is understood the club is in “constant contact” with the company, which along with Whyalla, owns steel plants in Britain, United States, Romania and Italy.

Leaked documents show GFG, which was unveiled as a Port Adelaide joint major partner amid fanfare in 2019, owes the AFL club $1.265m in overdue payments.

The club, which has admitted GFG’s “current business challenges (were) impacting” it, has not revealed its commercial in confidence debt.

Mr Malinauskas, a fervent Port Adelaide supporter who has expressed frustration with GFG, flew to Whyalla with other senior ministers for separate crisis talks last Tuesday with the local council, other authorities and creditors.

SA Premier Peter Malinauskas on early morning flight to Whyalla last week. He is preparing to return to the Iron Triangle city this week. Picture: NewsWire / Dean Martin

Sanjeev Gupta poses in his city office in October last year. Picture Mark Brake

Mr Gupta, who believes the Whyalla steelworks is “currently navigating one of the most challenging periods in its history, announced on Friday his firm could start pumping money into the crisis-ridden operations after selling all, or part of, its NSW coalmine at Tahmoor for up to $800m.

His company had reached an agreement with the main creditors of GFG’s former ­financier Greensill Capital, which collapsed in 2021, pending legal approval.

He last week described the “abysmal” global steel market as being “at an all-time low” amid US President Donald Trump’s tariffs decision.

Spokesmen for Mr Malinauskas and Port Adelaide would not comment on Sunday night.

Mr Gupta’s spokeswoman did not respond to inquiries.

Originally published as Whyalla steelworks owner Sanjeev Gupta flies out of Adelaide after top secret crisis talks with Premier Peter Malinauskas