A multi-millionaire industrialist known as Britain's ‘man of steel' has won the bidding battle for Arrium, ending more than a year of uncertainty for the collapsed South Australian steelmaker.
Arrium administrators KordaMentha has awarded BGC Contracting a $720 million contract to continue work at the Iron Knob and South Middleback Ranges iron ore projects in South Australia through to 2022.
The liquidators of failed engineering contractor Forge Group have gained financial backing to pursue a claim worth about $200 million against Forge's former major shareholder.
Mine site water infrastructure group GFR has become the sixth Perth-based company to call in administrators in as many weeks, citing deteriorating trading conditions and significant contract delays.
Litigation funder Bentham IMF and law firm Slater & Gordon will pursue a potential class action against failed engineering contractor Forge Group amid allegations of misleading and deceptive conduct by the company.
A three-month battle to keep Forge Group afloat has come to a sudden end, with administrators and receivers called in to manage the company's assets after financier ANZ Banking Group withdrew support for the engineering contractor.
