News: ARI Korean consortium led by Newlake preferred bidder for Arrium - source, page-17

Ultimately this will come down to the Govt. The FIRB will block or approve any option it wants to.
This would be the excuse for taking an offer with less cash changing hands

I am sure the government would lean towards the new technology , powerstation and investment. But they will be hit up for some transition money with that option

$1B in reinvestment will be hard to knock back. The increased bid by Liberty would want to be substantial. You would think it would have to match the investment minus the amount the government needs to chip in.

Must have been a pretty lowball offer initially, if they have room to move like that.
.