A British led consortium has gobbled up failing Australian steel maker Arrium after beating out a Korean consortium which had previously been identified as the preferred bidder.

In an announcement, liquidator KordaMentha said it had entered into a binding agreement for the sale of the Arrium Manufacturing, Distribution and Recycling, Whyalla Steelworks and Mining divisions to the GFG Alliance owned by the British Gupta family after the group submitted a modified offer for the Arrium Australia business…