Tycoon Gupta’s Australian Steelworks Forced Into Administration

A steelworks project owned by tycoon Sanjeev Gupta has been ordered into administration by the South Australian government after his GFG Alliance failed to pay royalties.

The South Australian government “has been in receipt of advice from our steel taskforce that the owner of the steelworks’ financial position wasn’t just deteriorating, it was likely to continue deteriorating,” the state’s premier, Peter Malinauskas, told reporters in Adelaide on Wednesday.

Sanjeev Gupta

Photographer: Brendon Thorne/Bloomberg

GFG Alliance has struggled to turn a profit at the project since company chairman Gupta first acquired it from bankruptcy in 2017. The Whyalla steelworks encountered a number of unplanned ...