British industrialist Sanjeev Gupta has completed the purchase of steel producer Arrium, describing his company's biggest acquisition to date as "historic".
The GFG Alliance executive chairman signed the final papers to take control of the company, including it's Whyalla steelworks, on Thursday and will now embark on a 100-day review of the business.
"This is an historic moment. After a long period of uncertainty, the GFG Alliance and this high-skilled and committed workforce can now work together to be the authors of an exciting chapter in the Australian steel industry," Mr Gupta said in a statement.
"As we now focus on investment and growth we have every reason to be confident that this business shall increase its already significant role in supporting the construction of Australia's future."
As well as the Whyalla mills, the finalised deal also gives GFG Alliance control of Arrium's iron ore and mining operations, it's steel recycling business, the Tube Mills pipe manufacturing company along with port and rail infrastructure.
The group will employ about 6000 workers across the country.
But Mr Gupta has also confirmed plans to further expand the operations, including a $1 billion investment at Whyalla to increase capacity and modernise the plant.
He will also look at the construction of new port facilities, further mining activity and the development of extra pumped hydro and solar power plants to lift energy production.
Federal Industry Minister Arthur Sinodinos said the handover of the Arrium business to its British suitor was welcome and would help promote a globally competitive steel industry.
South Australian Premier Jay Weatherill said the handover marked the beginning of a hugely promising partnership.
"The vision and strategy that underpins the acquisition means that the livelihoods of thousands of people, who have made great sacrifices along the way, have been secured."
Mr Gupta also paid tribute to all Arrium's stakeholders including governments, the workers, trade unions, customers, and suppliers for supporting the business through troubled times.
"We want to pay tribute to them for their patience and resilience," he said.
The GFG Alliance takeover of Arrium ended 15-months of uncertainty after the company was placed in administration because of its inability to refinance rising debts
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