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Australia’s BlueScope Steel (OTC:BLSFY) has teamed up with global steel giants Nippon Steel of Japan, India’s JSW Steel (NSE:JSTL), and South Korea’s POSCO (NYSE:PKX) to bid for Sanjeev Gupta’s troubled Whyalla Steelworks. The consortium, with a combined market value of A$115 billion (US$74.4 billion), aims to transform the South Australian facility into a hub for low-emissions iron production to serve both domestic and export markets.
The heavyweight group has lodged a non-binding expression of interest but has yet to submit a formal bid. The sale process was launched in June after Whyalla Steelworks, placed in administration in February, collapsed under tens of millions in debt. The plant’s operating company was rescued with a joint A$1.9 billion funding package from the Australian and South Australian governments, aimed at protecting local jobs and preserving a key industrial asset.
Whyalla Steelworks has drawn significant global interest as countries and companies race to secure positions in the emerging green steel economy. Low-emission steel production is increasingly seen as critical for meeting climate targets and decarbonizing heavy industries. The consortium’s involvement underscores the strategic value of the plant, which could play a pivotal role in supplying sustainable steel to Asia-Pacific markets.
GFG Alliance, Gupta’s family conglomerate, has not yet commented on the potential sale. Analysts note that with its deep-pocketed partners, BlueScope’s bid could have a competitive edge, combining global expertise, advanced technology, and strong capital resources.
The outcome of the sale could reshape Australia’s steel industry, positioning Whyalla at the forefront of the global transition toward greener manufacturing.
