SA's energy minister has travelled to Italy to see the firm tasked with developing the Whyalla steelworks furnace.South Australia's energy minister has travelled to Italy to "eyeball" the firm tasked with developing a $500 million furnace for the Whyalla steelworks as pressure mounts on the global metals empire of the plant's owner Sanjeev Gupta.
But the Italian manufacturer is building more than one electric arc furnace for GFG, and the other one is facing major challenges. Tameh Czech "disagrees with the plan" and said the "correct and logical step, which corresponds to Liberty Ostrava's current financial situation, is its insolvency".The problems in Czechia are not the only business concerns Mr Gupta has in the region.
A spokesperson for GFG said the company had signed a new framework agreement with its major Greensill creditors.More than a decade since former Labor minister Craig Emerson pulled a cringeworthy stunt singing "no Whyalla wipe-out" residents of the town are feeling cautiously optimistic about its future.
Premier Peter Malinauskas told parliament this week the state government now expects operations to resume by July. Until this week the "transition" to green steel was planned for 2025, but GFG now expects the shift to happen in 2027.The company also wants to use hydrogen to help power the electric furnace and DRI plant, which would be sourced from a large-scale plant the state government is building outside of Whyalla."It's alongside magnetite resources and it's alongside a steelworks, and we want to decarbonise steel.
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FinancialReview - 🏆 2. / 90 Read more »
Source: FinancialReview - 🏆 2. / 90 Read more »