Korean consortium led by Newlake preferred bidder for Arrium – source

A South Korean private equity syndicate led by Newlake Alliance and JB Asset Management has been named as the preferred bidder in the sale process for troubled Australian steel group Arrium Ltd, a source with direct knowledge of the process told Reuters on Thursday. The source said Arrium's committee of creditors decided on the Korean group over Great Britain's Liberty House, the industrials and commodities group that has been snapping up troubled steel plants around the world.