AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- InfraBuild welcomes two new non-executive directors
- Appointment includes US fund manager with deep market insight
- Leadership reshuffle follows financial challenges and board exits
Sanjeev Gupta’s Australian steel and recycling business, InfraBuild, has announced a significant shake-up at the board level, bringing in seasoned professionals amid ongoing restructuring efforts.
David Barse, CEO of US-based XOUT Capital, and Simon Nasta, general counsel for the GFG Alliance, have joined InfraBuild as non-executive directors. The move marks an effort to steer the business with enhanced governance and strategic oversight, especially following a turbulent period for Gupta's operations in Australia.
Barse brings with him decades of experience in US capital markets, a perspective likely to prove valuable as InfraBuild explores pathways to financial stability and long-term growth. Nasta, on the other hand, is set to focus on reinforcing legal compliance and strengthening corporate governance structures within the company.
The appointments come in the wake of recent board exits, with Monica Middleton and Sandip Biswas stepping down from their roles. Gupta noted the importance of the new directors' contributions, particularly in the context of InfraBuild’s ongoing transformation. Their combined backgrounds in investment strategy and legal affairs are expected to enhance the company’s board dynamics and operational accountability.
InfraBuild operates two electric arc furnaces—located in Sydney and Melbourne—as well as ten mills across the eastern seaboard of Australia. Despite its significant footprint in the region, the company reported a $81 million loss for the first half of the 2024–25 financial year, reflecting the challenges it continues to face in a complex steel market.
These leadership changes also come shortly after Gupta lost control of the Whyalla steelworks in South Australia, which entered administration under KordaMentha in February. This development highlighted the broader financial strains across his industrial group.
GFG Alliance, the parent company of InfraBuild, continues to navigate a restructuring phase amid a push to streamline operations and attract investor confidence. While InfraBuild is not publicly listed, its operational health is of keen interest to stakeholders involved in the broader steel and manufacturing ecosystem, including ASX-listed infrastructure and resource firms such as BlueScope Steel (ASX:BSL) and Sims Limited (ASX:SGM), which also have exposure to the steel and recycling sectors.
The fresh board composition aims to reset the strategic direction of InfraBuild, signaling a renewed focus on operational discipline, investor engagement, and market resilience as the company charts its next steps.
