{"id":1397,"date":"2016-05-24T08:49:27","date_gmt":"2016-05-23T22:49:27","guid":{"rendered":"http:\/\/www.bnmme.com.au\/?p=1397"},"modified":"2016-07-04T22:17:28","modified_gmt":"2016-07-04T22:17:28","slug":"arrium-sale-expected-to-be-complete-by-years-end","status":"publish","type":"post","link":"https:\/\/yinghuiinternational.com\/index.php\/2016\/05\/24\/arrium-sale-expected-to-be-complete-by-years-end\/","title":{"rendered":"Arrium sale expected to be complete by year\u2019s end"},"content":{"rendered":"
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Image: Reuters<\/em><\/p>\n<\/figcaption><\/figure>\n<\/section>\n

Steel and iron ore business Arrium will be on the market in late-July and most of the restructure and sale is expected to be completed by the end of the year, says the company\u2019s administrators<\/a>.<\/p>\n

AAP and others report<\/a>\u00a0that administrators KordaMentha have presented a proposal to state and federal governments for co-investment in Arrium\u2019s loss-making Whyalla steelworks.<\/p>\n

SA premier Jay Weatherill said any co-investment strategy to return the mill to viability could amount to hundreds of millions of dollars,\u00a0reports\u00a0The Advertiser<\/em><\/a>.\u00a0It should not be used to pump the company up for sale, he said.<\/p>\n

Assistance would be discussed with the federal government and opposition in the coming days.<\/p>\n

\u201cBut given that both parties are now in caretaker mode, it will require a bipartisan response and we expect to have our position finalised soon,\u201d ABC\u2019sPM<\/em> reports him as saying.<\/p>\n

Upgrades at the Whyalla site are badly needed, said the administrator.<\/p>\n

\u201cThe mill has been under-invested in for some period of time,\u201d Mark Metha of KordaMentha told the ABC<\/a>.<\/p>\n

\u201cThe capex [capital expenditure] and maintenance on the plant has probably been about 40 per cent of depreciation so it\u2019s been in decline for a long period of time. I think most people understand that.\u201d<\/p>\n

Baillieu Hoist chief economist Darryl Gobbett said the company was likely to be carved up and sold, and it was vital the steelmaking component stay Australian-owned.<\/p>\n

\u201cStrategically we need this capability, but we need to bring Arrium\u2019s offerings up the value chain and that will require public sector money,\u201d he told The Advertiser<\/em>.<\/p>\n

The Arrium group of companies went into voluntary administration in April. Its debts total more than $4 billion.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Image: Reuters Steel and iron ore business Arrium will be on the market in late-July and most of the restructure and sale is expected to be completed by the end of the year, says the company\u2019s administrators. AAP and others report\u00a0that administrators KordaMentha have presented a proposal to state and federal governments for co-investment in … Continue reading “Arrium sale expected to be complete by year\u2019s end”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[],"class_list":["post-1397","post","type-post","status-publish","format-standard","hentry","category-iron-and-steel-industry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p83F9T-mx","jetpack-related-posts":[{"id":1334,"url":"https:\/\/yinghuiinternational.com\/index.php\/2016\/04\/08\/arrium-enters-voluntary-administration\/","url_meta":{"origin":1397,"position":0},"title":"Arrium enters voluntary administration","author":"yinghui","date":"April 8, 2016","format":false,"excerpt":"Steel and iron ore business Arrium announced this morning that it has appointed Grant Thornton as administrators. \u201cAfter considering the available alternatives, in the current circumstances it has become clear to the board of Arrium that it has, unfortunately, been left with no option than to place the relevant companies\u2026","rel":"","context":"In "Iron and Steel Industry"","block_context":{"text":"Iron and Steel Industry","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/iron-and-steel-industry\/"},"img":{"alt_text":"arrium1-300x270","src":"https:\/\/i0.wp.com\/www.bnmme.com.au\/wp-content\/uploads\/2016\/04\/arrium1-300x270.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1741,"url":"https:\/\/yinghuiinternational.com\/index.php\/2016\/08\/14\/whyalla-tense-as-arrium-future-remains-uncertain\/","url_meta":{"origin":1397,"position":1},"title":"Whyalla tense as Arrium future remains uncertain","author":"yinghui","date":"August 14, 2016","format":false,"excerpt":"The uncertain future of the Whyalla\u2019s main employer, the Arrium steelworks, continues to trouble the city, with a significant capital injection needed to make the plant competitive again. The ABC\u2019s 7.30 reported last night that, according to unnamed business leaders, retail spending was down as much as 50 per cent.\u2026","rel":"","context":"In "Iron and Steel Industry"","block_context":{"text":"Iron and Steel Industry","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/iron-and-steel-industry\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":828,"url":"https:\/\/yinghuiinternational.com\/index.php\/2015\/02\/06\/arrium-sells-newcastle-manufacturing-business\/","url_meta":{"origin":1397,"position":2},"title":"Arrium sells Newcastle manufacturing business","author":"yinghui","date":"February 6, 2015","format":false,"excerpt":"Arrium is selling its Wire Ropes business in Newcastle to a Danish firm for $90 million. The business supplies drag line and shovel ropes to miners and has been operating for more than 90 years. Arrium\u2019s CEO Andrew Roberts said while Wire Ropes is a quality outfit, it lies outside\u2026","rel":"","context":"In "Mines and Quarry"","block_context":{"text":"Mines and Quarry","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/mines-and-quarry\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2286,"url":"https:\/\/yinghuiinternational.com\/index.php\/2017\/03\/24\/bgc-wins-720-million-contract-for-arriums-sa-iron-ore-projects\/","url_meta":{"origin":1397,"position":3},"title":"BGC wins $720 million contract for Arrium\u2019s SA iron ore projects","author":"yinghui","date":"March 24, 2017","format":false,"excerpt":"BGC Contracting has secured a five-year contract worth more than $720 million for Arrium\u2019s Iron Knob and South Middleback Ranges iron ore projects near Whyalla in South Australia. Arrium administrators KordaMentha confirmed that BGC\u2019s current mining contract, which was to be completed this year, will instead be replaced by this\u2026","rel":"","context":"In "Mines and Quarry"","block_context":{"text":"Mines and Quarry","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/mines-and-quarry\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1353,"url":"https:\/\/yinghuiinternational.com\/index.php\/2016\/04\/19\/keeping-whyalla-open-essential-to-arrium-survival-says-administrator\/","url_meta":{"origin":1397,"position":4},"title":"Keeping Whyalla open essential to Arrium survival, says administrator","author":"yinghui","date":"April 19, 2016","format":false,"excerpt":"A first meeting of Arrium\u2019s creditors is being held today, with the iron and steel business\u2019s administrator saying the future hinges on the Whyalla\u2019s steelworks. Mark Mentha of insolvency firm KordaMentha said most of the company, which owes around $4 billion, is in good shape, but was exposed to the\u2026","rel":"","context":"In "Iron and Steel Industry"","block_context":{"text":"Iron and Steel Industry","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/iron-and-steel-industry\/"},"img":{"alt_text":"r390_54_1013_842_w1200_h678_fmax","src":"https:\/\/i0.wp.com\/www.bnmme.com.au\/wp-content\/uploads\/2016\/04\/r390_54_1013_842_w1200_h678_fmax.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":988,"url":"https:\/\/yinghuiinternational.com\/index.php\/2015\/10\/03\/arrium-to-slash-jobs-at-whyalla-steelworks%e2%80%8f\/","url_meta":{"origin":1397,"position":5},"title":"Arrium to slash jobs at Whyalla Steelworks\u200f","author":"yinghui","date":"October 3, 2015","format":false,"excerpt":"The owners of the Whyalla Steelworks in South Australia have announced that they will be cutting cost in the aim to save $100 million as they try and improve the viability of the steelworks. 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