This is incorrect. The government has not spent hundreds of millions prior to this forced administration. There were two grants related to the electric arc furnace. One for $50m from the state and the other $63.2m from federal, both of which require the EAF to be built for the grants to be paid, which it has not.
Also calling it a bailout is a little rich considering the owner, Gupta, will not receive a cent of the funding package. This is a forced administration from the government which is unprecedented. The man has not been paying contractors/bills in general, yet manages to buy waterfront properties in Sydney. Hardly signs of a struggling business man with no money.
BSL Price at posting:
$24.26 Sentiment: None Disclosure: Not Held
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