Arrium: A steely resolve
BY REUBEN ADAMS SECURING a buyer for the Whyalla-headquartered steel manufacturer is a victory for the 5500 jobs related to Arrium’s operations, the Whyalla business community, and the State of South Australia. In early April 2016 Arrium pleaded for a $US927 million lifeline from its lenders. Australia’s four banks, several global banks and US bondholders rejected the proposal, pushing the struggling Group into voluntary administration, owing its creditors more than $2.8 billion. Arrium employed about 5500 workers across its mining, steel and mining consumables business units, which included a 1.2 million tonnes per annum (mtpa) steel plant at Whyalla on South Australia’s Eyre Peninsula, smaller plants in Melbourne and Sydney, and a 12mtpa iron ore mining operation in South Australia’s…