UK firm Greensill Capital has been placed into administration. Here’s what it could mean for Whyalla

A wealthy businessman’s fall from grace has caused ripple effects across the world, and in Whyalla the feeling is they are “not going to be immune from the contagion”.

Here’s what it could mean for Australia’s second largest steelworks.

What’s going on?

Australian billionaire Lex Greensill of Greensill Capital has filed for insolvency, leaving businesses across the globe in the lurch.

One of those is Sanjeev Gupta’s GFG Alliance — owner of the Whyalla Steelworks.

Locals are hanging tough, but with news of the insolvency of Greensill Capital, its Whyalla operation and the city itself could be exposed.

The Whyalla Steelworks is the lifeblood of the city of about 20,000 people, and it’s seen tough times before.

It went bust in 2016 when…