GFG Alliance has taken ownership of the Tasmanian Electro Metallurgical Company (TEMCO) smelter from miners Anglo American and South32.
The smelter in Bell Bay will continue to be used as a component of the Australian steel industry, officials said. The purchase of TEMCO, which is now powered by renewable energy from Hydro Tasmania, is a significant step forward for GFG as it pursues to be self-sufficient in the supply chain.
The companies first inked an agreement for the sale on 1 August.
“When we entered into the agreement … I flagged that our investment in key inputs such as ferromanganese and silicomanganese would generate supply chain value to ensure a sustainable and globally competitive steel manufacturing sector,” said GFG executive chairman Sanjeev Gupta.
“Our goal is to be carbon neutral by 2030 and I am proud to invest in a state like Tasmania, which has a plentiful supply of renewable energy resources.”
TEMCO will join LIBERTY Steel Group as part of the GFG Alliance family.