Who are the final shortlisted bidders for the Whyalla steelworks sale?

The final two bidders selected by administrators KordaMentha are M Resources, an Australian metallurgical coal company led by billionaire Matt Latimore, and Jindal Steel, India’s third-largest steelmaker.

Was BlueScope Steel (ASX: BSL) eliminated from the Whyalla steelworks bidding process?

BlueScope Steel (ASX: BSL) did not make the final two-party shortlist, but the company is not entirely out of the running. A BlueScope-led consortium remains in active discussions with administrators KordaMentha and retains a crucial "right of last offer" to match any final bid.

What does a "right of last offer" mean for BlueScope Steel (ASX: BSL) shareholders?

The right of last offer gives BlueScope Steel (ASX: BSL) the strategic advantage of reviewing the winning bid from either M Resources or Jindal Steel and choosing to match it to acquire the asset. For shareholders, this means BlueScope can avoid an expensive bidding war while still retaining ultimate control over whether it takes over the Whyalla infrastructure.

What is the financial scale and strategic focus of bidder M Resources?

M Resources is a major metallurgical coal player generating more than $1.5 billion in annual revenue by supplying steelmakers globally. For retail investors tracking green steel trends, M Resources also partners with ASX-listed Hazer Group (ASX: HZR), a specialist in low-emissions commercial technology.

Why is India's Jindal Steel a significant contender for the Whyalla steelworks?

As India's third-largest steelmaker, Jindal Steel brings massive balance-sheet capacity, industrial scale, and global operational expertise to the bidding process. Their inclusion introduces heavy international competition against local Australian bidders, which could drive up the final valuation of the asset.

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M Resources, Jindal shortlisted for Whyalla steelworks

Written by Mahathir BayenaPublished May. 27 2026Last Updated May. 27 2026

Australian coal billionaire Matt Latimore’s M Resources and India’s third-largest steelmaker, Jindal Steel, have been anointed as the final two bidders for the Whyalla steelworks, South Australian Premier Peter Malinauskas announced on May 27.

While a consortium led by BlueScope Steel (ASX: BSL)—Australia's largest steelmaker—did not make the final shortlist, the company remains in talks with administrators KordaMentha and holds a crucial right of last offer, allowing it to match any final bid put forward by the selected parties.

Shortlisted contenders M Resources, which generates more than $1.5 billion in annual revenue and partners with low-emissions technology specialist Hazer Group (ASX:HZR), and Jindal Steel will now be invited to submit their final funding proposals as the sale process intensifies.

At the time of reporting, BlueScope Steel’s share price was $30.99.