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.