Feb 27, 2026 – 9.00am
Peter Malinauskas’ phone is ringing as he sits surrounded by his lawyers. On the line is steel magnate Sanjeev Gupta, who no doubt wants to ask the South Australian premier he’d spent so long courting what on earth just happened. Malinauskas is advised not to answer, and he doesn’t. That was a year ago. The pair still haven’t spoken.
The severance was as swift as a guillotine. No sooner had the billionaire industrialist realised administrators had been appointed to his South Australian smelter than he discovered he had lost all claim to it, by edict of the state.
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