Australian steelworks put in administration by state government

CANBERRA -- The government of South Australia on Wednesday placed the troubled Whyalla steelworks into administration, pushing out its owner in a dramatic move the premier said was prompted by the company's finances going from "bad to worse."

Sanjeev Gupta's company GFG Alliance bought the plant from administrators in 2017 and touted plans to pivot its operations toward "green" steel. But the British industrialist, once seen as Whyalla's savior, has faced mounting debt challenges across his steel empire in Europe and the U.K. after the collapse of its main financier, Australian bank Greensill Capital, in 2021.