Already a subscriber?Whyalla’s steelworks, part of British industrialist Sanjeev Gupta’s empire, has been unable to operate for a month after issues with its blast furnace.
The extended shutdown has prompted extra nervousness among the 900 workers at the plant, north of Adelaide, given questions over the financial stability of Mr Gupta’s global operations. GFG has been forced to refinance $5 billion in funds previously extended by Greensill. The Whyalla plant is owned by Mr Gupta’s Liberty Steel business, which has proposed a cutback in working hours for many staff members because of the shutdown.The problem occurred when a two-day scheduled stoppage of the blast furnace for regular maintenance work in March resulted in the furnace cooling down much more than anticipated. This, in turn, caused significant difficulties in an attempted re-start, which have not been resolved.
GFG said it would have no effect on a proposed $500 million upgrade of the steelworks, with a 160-tonne electric arc furnace due to take over from the blast furnace by the end of next year.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Whyalla steelworks at crossroads as billionaire owner Sanjeev Gupta's green steel plan hinges on potential world firstsThe stakes are again high for the steel town of Whyalla as a billionaire owner who has broken past promises looks to a green future.
Source: abcnews - 🏆 5. / 83 Read more »
Renewed calls for federal funding to help save Whyalla AirportA South Australian city haemorrhaging money to keep its airport open has reignited calls for a national airport security screening levy.
Source: abcnews - 🏆 5. / 83 Read more »
InfraBuild, the large Australian steel business owned by Sanjeev Gupta, advanced loans to other parts of the Gupta empire at a time when its own profits slumped 75 per cent.InfraBuild made loans to other parts of the Sanjeev Gupta empire, even though its own profits slumped 75 per cent and it began paying a crippling 14.5 per cent rate on new debt financing.
Source: FinancialReview - 🏆 2. / 90 Read more »
British Museum sues former guardian of treasures accused of selling them on eBayA veteran of the institution, Dr Peter Higgs oversaw the Greek and Roman department when colleagues noticed missing items turning up for sale online.
Source: brisbanetimes - 🏆 13. / 67 Read more »
Bomb-aimer was last British survivor of 617 Dambuster SquadronDuring a flight to Leipzig, the crew’s two inboard engines cut out after icing up. “We were plunging down towards the earth with a full bomb load,” John Bell recalled.
Source: theage - 🏆 8. / 77 Read more »
Bomb-aimer was last British survivor of 617 Dambuster SquadronDuring a flight to Leipzig, the crew’s two inboard engines cut out after icing up. “We were plunging down towards the earth with a full bomb load,” John Bell recalled.
Source: brisbanetimes - 🏆 13. / 67 Read more »