Labor welcomes KordaMentha’s announcement today that Newlake Alliance and JB Asset Management with support from the POSCO company has been named as the preferred bidder in the sale process of steel maker Arrium.
The Administrators will move to finalise the sale contract pending approval by the Foreign Investment Review Board.
Newlake now enters into discussions with the Commonwealth and South Australian Governments concerning future investments around the Whyalla steelworks and other assets.
Newlake has made commitments to rebuild the Whyalla steelworks using cutting edge FINEX technology. We wish them well in their new venture.
This decision is an important step towards ending the uncertainty for the region of Whyalla and the many Australians employed at the steelworks and related Arrium enterprises.
The successful rebuilding of the Whyalla steelworks is in the national interest and the interest of the workers and their families.
Labor knows that further industry-wide reforms will be required to maintain Australia’s steelmaking capabilities and will work with the Turnbull Government in a bipartisan manner to secure the industry’s future.