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Korean bidder favoured as Arrium owner

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June 15, 2017

Steelmaker Arrium is likely to be bought by a Korean consortium.

A Korean consortium has emerged as the likely new owner of troubled steelmaker Arrium after being chosen as the preferred bidder by the Whyalla-based company's administrators.

The consortium, headed by private equity firm Newlake Alliance Management and backed by South Korean steel giant POSCO, has beaten a rival group led by UK-based Liberty House.

Administrator KordaMentha will now work with the Newlake consortium to finalise the sale, which will require discussions with the federal and South Australian governments and approval by Arrium creditors and the Foreign Investment Review Board.

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