The billionaire who failed Whyalla steelworks
In 2017, billionaire businessman Sanjeev Gupta rescued the Whyalla steelworks from administration, becoming known as the “saviour of steel”.
In 2017, billionaire businessman Sanjeev Gupta rescued the Whyalla steelworks from administration, becoming known as the “saviour of steel”.
There was hope in this small South Australian town that steelmaking – and the thousands of jobs tied to it – would survive.
But since then, Gupta has lost control, the South Australian government has forced the steelworks into administration, and taxpayers are underwriting the rescue to the tune of $2.4 billion.
Now, the sale of the steelworks is in its final stages, but the question of whether Whyalla becomes the green steel town politicians promised, or whether public money is being used to keep an ageing steelworks alive, remains.
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Today, investigative journalist and former host of the ABC’s Media Watch Paul Barry, on the billionaire who brought Whyalla to the brink – and what it would really take to save the town.
This episode was originally published in January, 2025.
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