South Australia spends big on Whyalla steel in 2025-26South...

South Australia spends big on Whyalla steel in 2025-26South Australian budget

Treasurer Stephen Mullighan has promised $650m over six years for the steel plant as part of a $2.4bn “sovereign steel package” backed by the federal government.

The three historical facts about Whyalla's steelworks and POSCO:

• Whyalla was a model for South Korea's first steelmaking plant almost 50 years ago, with South Korea seeking knowledge from Whyalla when establishing its steel industry (IMO, SA's magnetite iron ore is cleaner and greener than hematite and abundant in SA, and has been available 24 hours a day, 7 days a week for over 130 years due to our temperate climate, i.e, we don't need to shut down for the wet season).
• POSCO made an unsuccessful takeover bid for Arrium (the previous owner of Whyalla) in 2012.
• A Korean consortium, including POSCO, was the preferred bidder for Whyalla in 2017, but GFG Alliance (later, the British industrialist Sanjeev Gupta) ultimately won.

Could it be third time lucky - for POSCO?

The stage is now set for POSCO to secure its future for generations to come. To work together with Australia to offer supply security from a nation that is a sovereign-trusted and rich in resources. Since Korea and Australia has had its elections and been given direction, and been assured of government support and initiatives, it makes a lot of sense.

All IMO, DYOR, GLTA(patient)