Book details Gupta's steel empire collapse

Paul Barry, a veteran Australian journalist, has published a new non-fiction book titled "The Big Steal." The release comes from Allen & Unwin and documents the financial history of Sanjeev Gupta, a British-Indian businessman known for his work in the steel industry.

Barry spent years gathering facts to reconstruct Gupta’s career. The author describes his approach as forensic reporting, aimed at separating documented events from the tall tales Gupta often told.

Gupta built his reputation by acquiring aging steel factories that were viewed with little interest by other buyers. He positioned himself as a savior for blue-collar workers and local politicians. He promised job security and major investment in the industry. Ribbon-cutting ceremonies became a common feature of his public appearances.

The book details how Gupta used sophisticated financial schemes to fund his acquisitions. He purchased not only mines and mills but also boats and mansions to maintain the image of a major industry player. The author argues that Gupta often moved debt around rather than generating new wealth.

Lex Greensill, an Australian financier, appears as a central figure in the narrative alongside Gupta. The two men collaborated on schemes that convinced outside investors of their viability. Their partnership helped sustain the facade of a growing empire.

Gupta’s estimated debt reached $6 billion. The book chronicles his transition from a celebrated industrialist to a figure facing angry creditors. The reality of high-level banking eventually undermined his plans. Despite the scale of the debt, Gupta has not yet faced major punishment for his actions.

Hayden Meikle, the sports editor at the ODT, reviewed the text for The Star. Meikle noted that readers should remember the events were not fiction. The reviewer compared the narrative to Hollywood scriptwriting, calling it a compelling read that required no invention to be exciting.