Arrium closer to salvation as Korean bidders get nod
Resolution of the future of Australia's second largest steel producer has taken a big step forward, with a Korean consortium beating out a UK bidder to enter into the final negotiations buy Arrium. The company, which controls steel plants in South Australia, Victoria and NSW, collapsed 14 months ago, hurt by commodity price swings which KordaMentha, which took control of the sprawling group when it entered administration, said late Thursday it had chosen the Korean consortium as the preferred bidder.
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