London Consortium Wins The Race For Arrium

Whyalla Steelworks Sold

London Consortium Wins The Race For Arrium

After 15 months of uncertainty, Arrium has a buyer.

British consortium GFG Alliance - previously named London House - has beaten out Korean bidder Newlake Alliance to take full control of the collapsed steelmaker.

The Koreans were believed to be seeking $400 million in cash and kind from the Federal Government but stumbled at the final hurdle.

GFG has signed a binding agreement to buy the entire Arrium operations which include the Whyalla steelworks.

They've also pledged to retain the entire local workforce and carry out an upgrade in future.

Arrium was placed in voluntary administration early last year with billions of dollars of debt.

The SA Government expects approval the sale process to be complete by August.

The deal will also be subject to approval by the Foreign Investment Review Board.