The Stevens and McCloy Groups are purchasing Hydro’s long-closed Kurri Kurri smelter.
Hydro had idled production at Kurri Kurri in 2012 amid dwindling metal prices, a stronger Australian dollar, and other macroeconomic factors, before permanently shutting down the smelter two years later. The company has since explored redevelopment options while keeping environmental requirements top of mind.
In acquiring Kurri Kurri, Stevens and McCloy, both residential land developers, have entered a joint venture, through which the local community will be further developed and socioeconomic benefits offered.
Hydro initially had an agreement in July 2018 to sell Kurri Kurri to Flow Systems, however, it was terminated after the latter was put under voluntary administration.