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 ARI.AX , 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
005490.KS to revamp Arrium's main Wyhalla steel works in South
Australia state, according to the source.