June 15, 2017 / 7:35 AM / 7 months ago

Korean consortium led by Newlake preferred bidder for Arrium - source

SYDNEY, June 15 (Reuters) - A South Korean private equity syndicate led by Newlake Alliance and JB Asset Management has been named as the preferred bidder in the sale process for troubled Australian steel group Arrium Ltd, a source with direct knowledge of the process told Reuters on Thursday.

The source said Arrium’s committee of creditors decided on the Korean group over Great Britain’s Liberty House, the industrials and commodities group that has been snapping up troubled steel plants around the world.

Newlake and JB Asset intend to use the Finex steelmaking technology under license from South Korean steelmaker POSCO to revamp Arrium’s main Wyhalla steel works in South Australia state, according to the source.

Reporting by James Regan; Editing by Christian Schmollinger

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