Wednesday, 21 June 2017
Questions without Notice
My question is to the Minister for Industry, Innovation and Science. Last week it was announced by the administrators of Arrium, KordaMentha, that private equity firms Newlake Alliance Management and JB Asset Management relying on POSCO technology from South Korea are the preferred consortium to take over the Arrium steelworks at Whyalla. Since then, the British steelmaker Liberty House has increased its bid price. Noting that both bids are contingent on varying types and levels of federal government support and that the choice of the successful bidder is up to the committee of creditors, can the government advise what due diligence has been and will be carried out in respect of each proposal?