Labor welcomes the announcement of the sale of Arrium to the British GFG Alliance, guaranteeing the continuation of the Australian steel industry at scale and ending 15 months of uncertainty for the workforce and the people of Whyalla.
Labor remains committed to working with the new owners, the Commonwealth and South Australian Governments to ensure the long term future of the company and the Whyalla steel works.
The continued operation 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.
GFG with its international connections has the capacity to lift both the quality and output from Whyalla and also put more power into the South Australian electricity grid.
The Arrium Administrators, KordaMentha Restructuring, will now move to finalise the sale contract with the Arrium Committee of Creditors and confirm approval from the Foreign Investment Review Board.