Posted in | News | Ferrous Alloys and Metals | Iron and Steel

Austeel Bails out of AUD$2.5 Billion Steel Mill Project

Mar 11 2004

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Austeel have pulled the plug on their proposed AUD$2.5 billion steel plant in the Newcastle area of Australia after CEO, John Elmore’s statements earlier this month where he expressed his confidence the project would go ahead. Negotiations broke down despite the fact that the viability of the plant seemed more attractive given the rapid rise in steel prices of late.

The proposed steel project ran into problems when Austeel claimed the NSW Government failed to fulfil its part in a AUD$60 million commitment to the project.

The two parties have both claimed that neither has fulfilled their end of the bargain and both look set to pull out.

The proposed mill was part of a AUD$5 billion iron ore project. Austeel must now decide whether they will relocate the mill or export the iron ore from their proposed plant in the Pilbarra that look likrly to proceed.

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