Newlake-led Korean consortium emerges preferred bidder for Australia’s Arrium

Photo: Arrium website

A South Korean consortium led by Newlake Alliance and JB Asset Management and supported by POSCO has emerged as the preferred bidder in the sale process for troubled Australian steel group Arrium Ltd.

KordaMentha, the deed administrators for Arrium, and Morgan Stanley, which managed the sale process, will work with the consortium to finalise the sale, according to an official statement issued by Arrium on Thursday.

The Korean consortium and UK’s Liberty House, which has been buying troubled steel plants around the world, were the two shortlisted bidders who submitted an offer for the entire Arrium group.

A final sale would be subject to approval by the Committee of Creditors and the Foreign Investment Review Board.