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Arrium dividend distribution begins

22nd September 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The administrators of ASX-listed Arrium have begun distributing a first dividend of A$500-million to the creditors of the now defunct company, following the divestment of the company’s steel and mining interests.

Arrium administrators said on Friday that about 5 000 unsecured creditors would share in the distribution of the sale proceeds.

The distribution follows payments of some A$7.2-million in entitlements to over 400 Arrium employees, who left the company after the administrators were appointed in April last year.

London-based GFG Alliance at the end of August finalised the acquisition of Arrium’s steel plant and iron-ore mining operation in Whyalla, South Australia, with the company promising to invest up to $1-billion across the business to expand steelmaking capacity, modernise key parts of the plant, expand the range of steel grades and downstream products produced, and improving energy generation.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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