Paul Billingham, Said Jahani, Michael McCann and Matt Byrnes, all of Grant Thornton, have today been appointed as Voluntary Administrators of Arrium Limited and the majority of its Australian subsidiaries* (“Arrium” or “the Group”), following resolutions passed by the Boards of the affected companies.
The Australian and global Moly-Cop business is not affected by the appointment.
The Administrators will assume executive control immediately and, in conjunction with key stakeholders including employees, lenders, government and suppliers, undertake an urgent but comprehensive review of the core Australian steel and mining businesses.
“Voluntary Administration provides Arrium and its stakeholders time to develop options that will help preserve long term value and optimise the position of its creditors. Our focus will be to stabilise current trading, maintain business as usual across the Group’s affected operations, identify ways to restore the performance of key business units and develop an optimal solution that maximises the return to creditors.
“While we undertake our review of the business operations, we are conscious of the needs of all stakeholders and seek the support of customers, suppliers, lenders and employees so that Arrium can continue to operate on a business as usual basis,” said Paul Billingham, Managing Partner of Grant Thornton’s Australian Financial Advisory business.
The overseas operations of Arrium, principally the Moly-Cop business, should be largely unaffected by this appointment. However, they will also be supported by local Grant Thornton partners in each country as the Administrators develop an understanding of their needs to ensure that they too can operate on a business as usual basis while an appropriate strategy is developed.
The Administrators aim to run an efficient and transparent process that will also see a thorough and impartial investigation of the events and actions that have brought the Group to this position.
The Administrators will hold a first meeting of creditors within eight business days in accordance with the requirements of the Corporations Law. Creditors will receive further information by mail.
For more information, please contact:
Edelman Public Relations
M 0416 826 037
Edelman Public Relations
M 0411 782 737
*Subsidiaries included under appointment of Voluntary Administrator found in Note to Editors
Note to Editors – List of Arrium Australia Limited subsidiaries
Arrium Finance Pty Limited
Arrium Iron Ore Holdings Pty Limited
LiteSteel Technologies Pty Ltd
OneSteel Coil Coaters Pty Ltd
OneSteel Manufacturing Pty Limited
OneSteel NSW Pty Limited
OneSteel Recycling Pty Limited
OneSteel Reinforcing Pty Limited
OneSteel Stainless Pty Limited
OneSteel Trading Pty Limited
OneSteel US Investments 1 Pty Ltd
OneSteel Wire Pty Limited
Southern Iron Pty Ltd
SSX Pty Limited
The Australian Steel Company (Operations) Pty Ltd
Whyalla Ports Pty Ltd
XMS Holdings Pty Limited
Austube Mills Holdings Pty Limited
Austube Mills Pty Limited
Central Iron Pty Ltd
Coober Pedy Resources Pty Ltd
Metpol Pty Ltd
OneSteel US Investments 2 Pty Ltd
P&T Tube Mills Pty Ltd
Tubemakers of Australia Pty Limited
OneSteel Americas Holdings Pty Limited
OneSteel MBS Pty Limited
OneSteel Recycling Holdings Pty Ltd
OneSteel Recycling Overseas Pty Limited
OneSteel Stainless Australia Pty Limited
SSX Acquisitions Pty Limited
SSX International Pty Limited
SSX Services Pty Limited
Comsteel Pty. Limited
SSG No.2 Pty Ltd
SSG No.3 Pty Ltd
SSX Holdings Pty Limited
The ANI Corporation Pty Limited
A.C.N. 006 769 035 Pty Ltd
Akkord Pty Limited
ANI Construction (W.A.) Pty. Limited
Atlas Group Employees Superannuation Fund Pty. Ltd.
Atlas Group Staff Superannuation Fund Pty. Ltd.
Atlas Group Superannuation Plan Pty Ltd
Australian National Industries Pty Ltd
Australian Wire Industries Pty Ltd
AWI Holdings Pty Limited
B.G.J. Holdings Proprietary Limited
Bradken Consolidated Pty Limited
Cockatoo Dockyard Pty Limited
Eagle & Globe Pty Limited
Email Accumulation Superannuation Pty Ltd
Email Executive Superannuation Pty Ltd
Email Holdings Pty Limited
Email Management Superannuation Pty Ltd
Email Metals Pty Ltd
Email Pty Ltd
Email Superannuation Pty Limited
Emwest Holdings Pty. Ltd.
Emwest Properties Pty Limited
GSF Management Pty Limited
J. Murray-More (Holdings) Pty Ltd
John Mcgrath Pty Ltd
Kelvinator Australia Pty Ltd
Litesteel Products Pty Ltd
Metals Properties Pty. Ltd.
Metalstores Pty Limited
N.K.S. (Holdings) Proprietary Limited
O Dee Gee Co. Pty. Ltd.
OneSteel Building Supplies Pty Limited
OneSteel Queensland Pty Limited
OneSteel Technologies Pty Limited
Overseas Corporation (Australia) Pty Ltd
Palmer Tube Mills Pty Ltd
Pipeline Supplies of Australia Pty Limited
ReoSteel Pty. Ltd.
Roentgen Ray Pty Ltd
SSG Investments Pty Ltd
SSGL Share Plan Nominees Pty Ltd
SSX Employees Superannuation Fund Pty Ltd
SSX Retirement Fund Pty Ltd
SSX Staff Superannuation Fund Pty Ltd
Tasco Superannuation Management Pty Ltd
Tube Estates Pty. Ltd.
Tube Street Pty Ltd
Tube Technology Pty. Ltd
Tubemakers Somerton Pty Limited
Western Consolidated Industries Pty Ltd
X.C.E. Pty Ltd
XEM (Aust) Pty Limited
XLA Pty Ltd
XLL Pty Ltd
Zinctek Pty. Ltd.