A consortium comprising Australia's BlueScope, Japan's Nippon Steel, India's JSW Steel, and South Korea's POSCO has submitted a non-binding expression of interest in acquiring the Whyalla steelworks in South Australia. The plant was taken from British industrialist Sanjeev Gupta earlier this year after his GFG Alliance failed to deliver promised investments.
BlueScope confirmed the consortium's interest on Monday, stating that Whyalla could become a hub for lower-emission iron production for domestic and export markets, supporting global steel decarbonisation. However, the company noted that any formal offer would depend on due diligence and return-on-investment criteria.
The Whyalla steelworks is one of only two major integrated steel projects in Australia and the sole local manufacturer of rail. It received a $2.4 billion state and federal bailout in 2025 after administrators found debts exceeding $1.3 billion, including unpaid employee entitlements.
South Australian Premier Peter Malinauskas said over 15 national and international parties have passed the final expression-of-interest phase. No preferred bidder has been selected yet, but the strong interest is seen as a positive sign for the plant's future and Australia's sovereign steelmaking capability.
