Parts of GFG have also been stressed. In November, GFG’s Liberty Steel said it had taken a big step forward in refinancing most of the $5 billion the collapsed Greensill Capital financing empire had lent to Mr Gupta’s wider group. And Britain’s Serious Fraud Office says it is investigating suspected fraud relating to “the financing and conduct of the business of companies within” GFG including its dealings with Greensill Capital UK, although both entities have reportedly denied wrongdoing.
Mr Gupta on Thursday argued Australia floated on an “ocean of minerals all drenched in endless quantities of sunlight”, and this was key to unlocking “the fuel of the future”.
Green hydrogen uses renewable power to split water into hydrogen and oxygen, with green steel coming from the use of hydrogen rather than coal. Companies have announced successful tests of the product, and several entities are pushing for full-scale green steel plants in 2025, including Europe’s H2 Green Steel.
Mr Gupta argued that Australia would benefit from using the hydrogen to make iron and steel in Australia rather than export just the energy source. “There is so much more that we as a nation could be doing,” he said.
He declined to take questions, and staff said he was too busy to speak after the event.