Australia's BlueScope leads global steel giants in push for Gupta’s Whyalla plant (updated)

BLUESCOPE STEEL

03/08/2025 23:45

Updates with details and background throughout

Aug 4 (Reuters) - Australia's BlueScope Steel BSL.AX said on Monday it has assembled a heavyweight consortium of global steelmakers to bid for Sanjeev Gupta's troubled Whyalla Steelworks, over a month after the local government formally opened a sale process.

The group — comprising Japan’s Nippon Steel 5401.T, India’s JSW Steel JSTL.NS, and South Korea’s POSCO 005490.KS — brings a combined market value of A$115 billion ($74.4 billion), and is eyeing the South Australian plant as a future hub for low-emissions iron production for domestic and export markets.

The consortium has lodged a non-binding expression of interest but has yet to submit a formal bid.

Whyalla Steelworks was placed in administration in February, after its operating company collapsed under tens of millions in debt. The Australian and South Australian governments stepped in with a joint A$1.9 billion rescue package to safeguard local jobs and preserve a key piece of industrial infrastructure.

Australia formally opened the sale process in June, citing strong global interest from companies seeking a foothold in the emerging green steel economy.

Gupta's family conglomerate, GFG Alliance, was not immediately reachable for a Reuters request for comment.

($1 = 1.5466 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by Sandra Maler)

 ((Rishav.Chatterjee@thomsonreuters.com;))