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GFG Alliance Bailout Denied By UK Government

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GFG Alliance, the multinational company that owns Whyalla's steelworks, has received a rejection from the UK government after applying for an emergency bailout. 

The steel company had asked for up to $307 million AUD to help through their transition period finding a new financial backer.

The financial situation of the business has been subject to much interest, particularly in Whyalla, since backers Greensill Capital went into administration in early March. 

In a statement provided last week, GFG Alliance said alternative financial arrangements are progressing, and that the mining and steel business in Whyalla remains profitable.

Photo by Scott Graham on Unsplash