General
Whyalla business community remains positive despite uncertainty around steelworks’ financial future
Business owners in South Australia’s steel city of Whyalla maintain the town still has a bright future, despite speculation around the financial situation of the local steelworks’ owner.
Key points:
- The Whyalla steelworks is owned by Sanjeev Gupta’s GFG Alliance
- One of GFG’s biggest lenders is facing insolvency in Europe
- The South Australian Government has sought reassurance from GFG about any potential impact
The Whyalla steelworks is owned by the GFG Alliance, headed by British billionaire Sanjeev Gupta.
One of GFG’s biggest lenders, Greensill, is facing insolvency in Europe, after global wealth manager Credit Suisse froze $US10 billion worth of investment funds that it relied on.
Despite Greensill’s troubled financial state, GFG said that…
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