Home > Clock ticking for group hoping to save Gladstone Steel Project

Clock ticking for group hoping to save Gladstone Steel Project

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The group trying to rescue the Gladstone Steel Project near Mount Larson in Queensland has until 3 pm on Friday to find an extra $30,000 and lodge papers.

Gladstone’s The Observer reports that the Boulder Steel rescue group had raised $20,000 from locals looking to revive the project, which the would-be rescuers claim could create 1,800 jobs.

“It will mean the difference between Gladstone having or not having jobs for 1800 people in the operational stage, and it could well take up jobs which will be lost as the construction of the LNG plants ends," said Paul Sundstrom, the coordinator of the rescue group, which emerged late last year in an attempt to save the $4 billion project.

Boulder Steel signed an agreement with China Metallurgical Corporation on the plant,though both the company – which listed on the ASX in 1986 – and the Gladstone Steel Project were put in administration in July last year.

Last year Sundstrom’s team said it hoped to raise $850,000 to bring the Gladstone project back to life.

Administrators Nicols and Brien need to be given $50,000 on Friday, and it has given by 3 pm as a deadline to lodge papers as the first step to re-starting the project. Further money to fund a Deed of Company Arrangement would be needed after that, followed by a completion of Gladstone Steel’s Environmental Impact Study, agreements with JV partners, and raising $20 million

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