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Outlet

The Australian Financial Review




Date

06 May 2024

Author

Simon Evans

Page/s

15, 19

Readership

286000

Circulation

48000

Keywords [highlight]:

Australia
BlueScope
Australian
Energy

Ave

$4119.81




Licensed by Copyright Agency. You may only copy or communicate this work with a
license

Gupta seeks rival's help at Whyalla | The Australian Financial Review (May 06,
2024 )
Page 1 of 2





iS The Whyalla steel plant has been offline since the middle of March because of
a technical problem. PHOTO: BEN SEARCY Simon Evans Sanjeev Gupta's stricken
Whyalla steelworks has brought in rival BlueScope to try to speed up a fix-it
plan for the ageing plant as some customers turn to imports from Asia to fill a
production shortfall. A blast furnace problem has meant the Whyalla plant in
South Australia has been unable to make steel for seven weeks, and some of its
large customers have put in extra orders with steelmakers in Vietnam, South
Korea and Taiwan. Mr Gupta's GFG Alliance said expertise had been brought in
from other GFG plants overseas and Australia's biggest steelmaker, BlueScope,
although the bulk of the repair work was being handled by Whyalla engineers and
local staff. The inability to produce steel from Whyalla comes at an awkward
time for Mr Gupta, who is still battling to keep his global steel and
manufacturing business intact after the collapse of his main funder, Greensill
Capital, in 2021, which resulted in $5 billion in funds needing to be replaced.
Other parts of GFG, including Australian steel distribution business InfraBuild,
are paying punishing interest rates of 14.5 per cent on debts refinanced in
November. David Roberts, general manager of steel and metals trading company
Sanwa, said steel-buying customers were implementing contingency plans to source
more structural steel beams and columns used in the construction industry, from
overseas. "We're seeing more activity in the market," he said. Mr Roberts, who
has been a steel trader for 30 years, said it was a practical response given the
short-term uncertainty around when the Whyalla steelworks would resume. For
those companies is just a faster source of supply," he said. GFG said in
response to questions that the Whyalla steelworks would be back online in
Ycoming weeks', but was unable to give a specific restart date. "A range of
complex steps are currently being undertaken to return the Whyalla blast furnace
to its usual operation," GFG said in a statement. "In mid-March, the Whyalla
Steelworks blast furnace had a scheduled shutdown to perform routine
maintenance. The planned blast furnace maintenance shutdown created an Continued
p19 unexpected loss of taphole connectivity during the restart procedures. GFG
said engineers had successfully opened six wind tuyeres - special nozzles that
feed air into the blast furnace-and were going to open a further four. The aim
is to have 18 wind tuyeres operating while heating up the furnace and enabling
use of a main tap hole. Outside expertise has been brought in. GFG said local
Whyalla staff had 'intricate knowledge of the Whyalla blast furnace and are best
placed to resolve the current issue'. "We are also consulting our global
colleagues who have depth of experience, and have drawn on our collaborative
relationship with BlueScope Steel." The Australian Financial Review reported on
April 12 that the Whyalla steelworks had been crippled by the blast furnace
issues and there was nervousness among the 900 staff about the timetable and a
planned upgrade by Mr Gupta for a $500 million electric arc furnace using scrap
steel to power the plant. There is confusion in the industry about the progress
of blast furnace repairs. SA Minister for Regional Development Clare Scriven
told the SA upper house of parliament on May 1 that she had been advised that
nine tuyeres were now online and that 'once 12 are online the blast furnace will
be able to return to normal operations'. SA Energy Minister Tom Koutsantonis on
May 1 said he wanted to meet with Italian company Danieli to 'get a better
understanding of exactly how far away the electric arc furnace is'. Mr Gupta
announced in early 2023 he had ordered an electric arc furnace from Danieli, and
aimed to have it up and running at Whyalla by late 2025.