Plot thickens as company director quits Boulder Steel

THE Boulder Steel plot has thickened, with company director Jurgen Alexander Lang quitting before new administrators were called in.

It emerged last week that directors at Boulder Steel were handed back control of the company from Grant Thornton Australia.

However, in a matter of hours the company had been placed back in the hands of administrators, only this time with Nicols and Brien stepping up to the plate.

It now appears Mr Lang elected to step down as a director before the appointment of the new administrator.

Questions forwarded to the new administrator on the shock resignation and whether the company was still seeking re-capitalisation have so far gone unanswered.

Local engineering peak body Gladstone Engineering Alliance said it would be a shame if the company went into liquidation.

GEA general manager Carli Hobbs said the GEA was working closely with Boulder Steel on the latest developments.

On Tuesday she expressed optimism about the $4 billion steel plant project near Mt Larcom going ahead.

"We certainly don't think it's end of the line for the Boulder Steel (Mt Larcom) project," Ms Hobbs said.