Consortium Pursues Whyalla Green Steel Acquisition

BlueScope Steel has formed a consortium with Nippon Steel, JSW Steel, and POSCO to explore acquiring the Whyalla Steelworks in South Australia, which entered administration earlier this year due to financial distress. The group, valued at around A$115 billion, has submitted a non-binding expression of interest as part of a sale process expected to continue through at least the second half of 2026. Their plan aims to transform Whyalla into a hub for low-emissions iron and green steel production, supporting decarbonization goals. The consortium's next steps depend on further due diligence and assessment of return on investment, with plans to consult state and federal governments for potential funding support. The Whyalla plant, previously owned by Sanjeev Gupta's GFG Alliance, is seen as vital for regional jobs and the future of Australia's steel industry. Government officials have welcomed the interest, though significant hurdles remain before any deal is finalized.