Gupta Looks to Reshuffle Steel Empire After Greensill Collapse

Sanjeev Gupta’s InfraBuild Australia Pty plans to buy US steel mills from the metal tycoon’s sprawling GFG Alliance, just as he looks to make good with his creditors.

The Australian steel firm, seen as the strongest unit in Gupta’s metals empire, will buy three of his US businesses with new financing, according to a company statement on Thursday. Among them are an electric arc furnace mill in Illinois and as well as several downstream assets in other states.

The proposed deal comes at a crucial juncture for Gupta, who is ironing out an agreement to restructuredebts. The collapse of ...