Selection of South Korean Consortium as preferred Arrium bidder welcomed

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The State Government has welcomed the Administrator’s decision to select NewLake as the preferred bidder of the Arrium business.

The two short listed bidders were both high-quality, proven candidates.

The State Government will now begin detailed negotiations with the Administrator, Federal Government, workers, unions and the South Korean Consortium to support the final sale of the business.

Treasurer Tom Koutsantonis congratulated the South Korean consortium on becoming the preferred bidder of the Arrium business.

“The investment proposal put forward by the NewLake Consortium aims to make Whyalla the first city outside of South Korea to adopt the innovative FINEX process for steelmaking developed by POSCO, one of the world’s major steelmakers,” Mr Koutsantonis said.

“Having seen first-hand the impressive technology and scale of the Posco business, it is exciting to be working with a company of such high regard with a proven track record that can truly transform the Whyalla operations.

“Although there is still some way to go in this process, I hope this news is of some relief to the workforce and the wider Whyalla community which has been extremely patient and stoic through the uncertainty.

“I want to thank Liberty House/SIMEC and the Gupta family for their strong interest in South Australia and their vision for Whyalla.

“It has been a pleasure working with Sanjeev Gupta and his team over the past months and we wish him all the best in his future endeavours.

“We look forward to working with the South Korean consortium, the Administrators, Unions, workers and Minister Sinodinos on securing a sale that includes all the Arrium assets and provides a new and prosperous future for Whyalla.”