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  • Australian steelmaker Arrium put into administration
    AFPlast year

    Australian steelmaker Arrium put into administration

    Cash-strapped Australian miner and steelmaking giant Arrium was on Thursday placed into voluntary administration with big debts on the back of plunging commodity prices. The company owes more than Aus$2.0 billion (US$1.5 billion) and its shares were suspended on Wednesday after its lenders rejected a proposed US$927 million recapitalisation plan by GSO Capital Partners that would have involved bankers taking a haircut on their debts. With no other alternatives looming, Arrium said "it has become clear to the board of Arrium that it has, unfortunately, been left with no option other than to place the relevant companies into voluntary administration".

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