January 31, 2024

Industry News

GFG Alliance Welcomes Clean Energy Funding

GFG Alliance has welcomed the Australian Federal Government’s decision to allocate $200 million to help future-proof regional steel manufacturing in Australia. GFG Executive Chairman, Sanjeev Gupta, said: “Today’s positive announcement that Liberty Steel Australia has secured funding of $63.2 million from the Albanese government’s Powering the Regions Fund signifies the Whyalla steelworks transition to producing greener steel is wholeheartedly supported by a government that understands the importance of retaining an industry that employs Australian workers and underpins Australian communities and businesses.” GFG Alliance is the parent company of Liberty Steel Australia which itself is the parent company of InfraBuild.

“Now is the time to phase out increasingly obsolete equipment and technology that no longer has a place in our world and embrace the installation of new electric arc furnace (EAF) technology that ensures environmentally sustainable steel production in Whyalla will continue throughout the 21st century,” Mr Gupta added.

In addition to the installation of the EAF, Liberty Steel Australia´s magnetite expansion project will unlock over four billion tonnes of high-quality magnetite that will be used at Whyalla to support the production of green iron and steel and exported to the company´s businesses and customers around the world.

“Whyalla will be the global epicentre for manufacturing low carbon iron and steel,” Mr Gupta declared. “It has all the elements required to dominate the green steel industry – vast reserves of magnetite of the highest quality, abundant generation of renewable energy, deep seaport, a robust workforce, supportive governments and invested owners.” Liberty Steel Australia is committed to working hand-in-hand with the South Australian and Federal Government to enable the utilisation of not just EAF technology but a broad range of renewable energy and greener technologies including the use of hydrogen. The production and use of locally-produced green hydrogen is central to the company´s ambitions, helping to drive emissions down to near zero which will ensure the continued production of its high-quality Australian steel.

For further information, visit the GFG Alliance website: www.gfgalliance.com