Yes, you read that right, from The Australian:
British billionaire industrialist Sanjeev Gupta, backed by heavyweight Chinese investors, plans to build one of the world’s largest steel plants in Whyalla, 380km north of Adelaide.
Flanked by Scott Morrison, Bill Shorten and South Australian Premier Steven Marshall at this morning’s announcement, Mr Gupta said construction of the “next gen mega steel plant” would follow a $600m upgrade of the existing facility, which Mr Gupta’s GFG Alliance brought out of administration 15 months ago.
The initial upgrade would see steel production rise from around one million tonnes annually to 1.8m tonnes within three years, Mr Gupta said.
The new plant, which would be built by the China Metallurgical Group Corporation, would be capable of producing 10m-plus tonnes of steel a year.
Such a plant will be exporting steel hand over fist. All made possible by the roll out of cheap renewable resources across the Eyre Peninsula.
There’s the future for you right there. If we only had the sense to grasp it more widely.
