Arrium Limited was a group self-insurer licensed by the NSW State Insurance Regulatory Authority (SIRA) that went into Voluntary Administration in April 2016. KordaMentha was appointed Arrium's Voluntary Administrator in April 2016.
KordaMentha was responsible for resolving Arrium’s complex corporate changes as well as worker regulatory obligations, this included workers compensation cover.
SIRA has been working closely with KordaMentha and Arrium over the last 17 months imposing additional licence conditions to ensure the best possible outcome for the company, its workers and NSW.
On 31 August, SIRA granted self-insurer licenses to the GFG consortium that took over the Arrium businesses (being OneSteel Trading Pty Ltd, One Steel Manufacturing Pty Ltd, One Steel Recycling Trading Pty Ltd and Austube Mills Pty Ltd).
This will ensure business continuity and guarantee that injured workers compensation entitlements are protected and paid.
The sale of the Arrium businesses will deliver positive outcomes for the workers compensations scheme in NSW and will provide concrete benefits to workers and the economy.