Melbourne — Liberty House says it will pump A$1.26bn (R12.9bn) into steel-making capacity in Australia to meet the demands of a decade-long infrastructure boom in the country, months after acquiring a steelworks that was in voluntary administration and billions of dollars in debt. The British firm’s executive chairman, billionaire Sanjeev Gupta, visited the South Australian town of Whyalla to announce the upgrades on Friday, saying a 100-day review would result in plans to transform the plant, including fixing its power needs by harnessing waste gases and investing in pumped hydro and large-scale solar energy. The previous owner of the steelworks, Australian group Arrium, collapsed in April 2016 with A$2.8bn in debt after creditors rejected a $927m bail-out proposal by private equity group GSO Capital Partners that would have paid no more than 55c on the dollar on their claims.

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