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Arrium placed under voluntary administration

Arrium Ltd.said April 7 that it appointed Said Jahani, Paul Andrew Billingham, Michael GerardMcCann and Matthew James Byrnes of Grant Thornton as administrators of the group.

The announcement followed the rejection by Arrium creditors of a US$927 million from U.S.-basedGSO Capital Partners LP.

It is "business as usual" for the Arrium while theadministrators undertake a review to identify the needed steps to stabilize thegroup's Australian steel and mining businesses.

Arrium's overseas operations, principally the Moly-Cop business,should be largely unaffected by this appointment, and will also continue to operateon a "business as usual" basis.