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Guptaâs Whyalla steelworks reverses losses
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Sanjeev Guptaâs GFG Alliance says the Whyalla steelworks and associated iron ore mining operations are back in the black after years of losses, as unions expressed concern about the potential fallout from the troubles of one of GFGâs main financiers, Greensill Capital.
The steelworks in South Australia ran at a loss last year, prompting a three-month review to prune costs. The broad rebound in the economy as stimulus programs triggered heavy demand in the construction sector, and rising iron ore prices helped the group return to a profit on an earnings before interest, tax and amortisation basis, the company said.