Site of the Boulder Steel project near Mt Larcom.
Site of the Boulder Steel project near Mt Larcom.

Steel plant back as Boulder comes out of administration

GLADSTONE'S proposed steel plant has come back from voluntary administration, after a vote by creditors at a meeting this week.

The troubled $4b Boulder Steel project hit financial woes in July, going into voluntary administration in a bid to raise capital.

This latest development is a good result for creditors, who stood to lose everything they'd invested.

Said Jahani and Trevor Pogroske of Grant Thornton Australia had been appointed administrators of Boulder Steel Ltd and Gladstone Steel Plant Project Ltd, but control of the companies has returned to directors.

A letter from the administrator explained that full minutes of the meeting would be available on its website "in due course".

The State Government is considering the project's environmental im pact statement, and Mr Jahani has previously said it was "well on the way to getting approval".

The project, proposed for the State Development Area in Mt Larcom, had been slated for construction next year, with 2000 jobs during the construction phase.

In May this year, Boulder Steel managers met with more than 40 local companies to discuss contracting opportunities in the construction phase.