NRW Holdings (ASX:NWH) Suspends Trading Amid OneSteel Administration Impact Assessment

February 21, 2025 11:50 AM AEDT | By Team Kalkine Media

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NRW Holdings (ASX:NWH) Suspends Trading Amid OneSteel Administration Impact Assessment — Image source: shutterstock

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Highlights

NRW Holdings (ASX:NWH) halts trading as it assesses the financial impact of OneSteel's administration.

Golding, an NRW subsidiary, was a contractor for SIMEC operations at Whyalla.

The company plans to release its financial results before February 28, 2025.

NRW Holdings (ASX:NWH) has requested a suspension from trading as it evaluates the potential impact of OneSteel's financial troubles. OneSteel, which operates the Whyalla mining and steel business, has recently entered administration, prompting NRW to reassess its financial standing and any resulting implications.

Golding, a subsidiary of NRW, had previously been engaged as a contractor for SIMEC operations at Whyalla. While the company had largely completed its work at the site, the unexpected financial instability of OneSteel has introduced the need for further financial evaluation. Given this development, NRW is working closely with its auditors to determine any necessary adjustments related to its half-year financial results.

The timing of OneSteel’s administration has added an extra layer of complexity, as NRW was set to release its half-year results on February 20, 2025. The company has now deferred the announcement to ensure that any financial implications arising from this event are thoroughly reviewed. According to the company, its revised plan is to publish the results before February 28, 2025.

The mining and infrastructure sector has been closely watching the unfolding situation at Whyalla, with concerns about potential ripple effects across companies involved in the region. While NRW’s decision to pause trading is precautionary, it highlights the broader financial uncertainties linked to the operations at Whyalla.

As NRW works through its financial review, stakeholders will be looking forward to further updates regarding the extent of the impact and how the company plans to navigate the situation.

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