KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins have been appointed voluntary administrators of OneSteel Manufacturing Pty Ltd, the owner and operator of the Whyalla steelworks and the iron ore mining operations in the Middlebank Range (together, 'Whyalla Steelworks and Mining') in South Australia.
The appointment was made by the South Australian
Government.
KordaMentha's Mark Mentha said the voluntary
administrators' intention is for Whyalla Steelworks and Mining
to continue operating during the voluntary administration
period.
This will preserve around 4000 direct and indirect jobs, as well
as support local businesses in the Whyalla community and the
nation's steel industry.
"As administrators, our job is to examine the financial
position of the Company, stabilise the business and maximise the
chances of the business continuing in the interests of all
stakeholders," said Mr Mentha.
"With the funding support of the South Australian Government
and support from other interested stakeholders, Whyalla Steelworks
and Mining will remain in business under our control while we
assess the next alternatives and complete our investigations.
"This may take some time, but all parties are committed to
ensuring the business remains operational while we work out a plan
for its future, securing new investment and possibly transitioning
to new ownership."
The first meeting of creditors will be held on Monday 3 March 2025
at 2pm in Whyalla and also virtually. Further details will be
provided in circulars to be issued to creditors and employees in
the coming days. In the meantime, any enquiries should be directed
to:
- Creditors - onesteelcreditors@kordamentha.com
- Employees - onesteelemployees@kordamentha.com
- All other enquiries - onesteelgeneral@kordamentha.com
The official announcement of appointment for this engagement can be
downloaded
here.