| Singapore sovereign wealth fund GIC is closely monitoring its investment in cash-strapped Australian steel and iron ore supplier Arrium, it told The Straits Times yesterday. Arrium went into voluntary administration in April after lenders rejected its US$927 million (S$1.3 billion) recapitalisation plan.
GIC declined to comment on the size of its investment and the prospects of its recovery. The Straits Times understands that it holds around 8.21 per cent of the firm. Arrium is among a number of steel mills around the world that are struggling to compete with cheap exports from China, which accounts for about half of global output...............................................Full Article: Source
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