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The Big Steal: How steel tycoon Sanjeev Gupta fooled Australia and the world
Entrepreneur Sanjeev Gupta was going to rescue the Australian, UK, European and US steel industries—and save the planet with green steel. He did none of these things, but he did get very rich. This is the extraordinary story, told for the first time.
Sanjeev Gupta is a fast-talking billionaire with all the trappings of success. He boasts world-class charm, a huge appetite for risk, and a remarkable ability to inspire belief. The media christens him the 'Saviour of Steel'.
When he jets into Whyalla in South Australia to buy its bankrupt steelworks in 2017, Gupta is given a royal reception. He promises to invest billions of dollars in a mega green steel plant that will help save the planet. Now, his promises are unfulfilled, and his global empire is collapsing.
Corporate cops from several countries are chasing him for suspected fraud, fraudulent trading and money laundering. They are focusing on his dealings with a British shadow bank run by a former Bundaberg sugar cane farmer, Lex Greensill, who hired Britain's ex-PM David Cameron as a consultant and lent a whopping US$5 billion to the Gupta Family Group.
This is the incredible story of the meteoric rise and fall of an entrepreneur which will leave you how on earth do people like Gupta get away with it?
'Unputdownable. Barry remains a master storyteller.' Joe Aston
'A riveting account of a fast-talking, master manipulator who fooled the corporate world and an adoring media pack. This disturbing tale of steel-tycoon Sanjeev Gupta will leave you seething with rage.' Kate McClymont
'Remarkable – a true story of shameless greed and governmental incompetence, told at a cracking pace and ending (inevitably) with a crash landing.' Geoffrey Watson SC
'Paul has not only laid out in typically merciless detail the fantasy world of a sort of industrial Charles Ponzi but has also shown us how desperate are the politicians and media to believe in fantasies that suit them.' Alan Kohler AM
'The Big Steal is non-fiction, with all the trappings of fiction; livelihoods at stake, infectious promises, corporate villains, suckers, politics and ultimate betrayal - all wrapped up in a blanket of desperation, strain and intense emotion.' Rex Patrick
'The story of the flashy entrepreneur, surrounded by lackeys, promising the world while bleeding it dry is one for our time.'Chris Masters
Sanjeev Gupta is a fast-talking billionaire with all the trappings of success. He boasts world-class charm, a huge appetite for risk, and a remarkable ability to inspire belief. The media christens him the 'Saviour of Steel'.
When he jets into Whyalla in South Australia to buy its bankrupt steelworks in 2017, Gupta is given a royal reception. He promises to invest billions of dollars in a mega green steel plant that will help save the planet. Now, his promises are unfulfilled, and his global empire is collapsing.
Corporate cops from several countries are chasing him for suspected fraud, fraudulent trading and money laundering. They are focusing on his dealings with a British shadow bank run by a former Bundaberg sugar cane farmer, Lex Greensill, who hired Britain's ex-PM David Cameron as a consultant and lent a whopping US$5 billion to the Gupta Family Group.
This is the incredible story of the meteoric rise and fall of an entrepreneur which will leave you how on earth do people like Gupta get away with it?
'Unputdownable. Barry remains a master storyteller.' Joe Aston
'A riveting account of a fast-talking, master manipulator who fooled the corporate world and an adoring media pack. This disturbing tale of steel-tycoon Sanjeev Gupta will leave you seething with rage.' Kate McClymont
'Remarkable – a true story of shameless greed and governmental incompetence, told at a cracking pace and ending (inevitably) with a crash landing.' Geoffrey Watson SC
'Paul has not only laid out in typically merciless detail the fantasy world of a sort of industrial Charles Ponzi but has also shown us how desperate are the politicians and media to believe in fantasies that suit them.' Alan Kohler AM
'The Big Steal is non-fiction, with all the trappings of fiction; livelihoods at stake, infectious promises, corporate villains, suckers, politics and ultimate betrayal - all wrapped up in a blanket of desperation, strain and intense emotion.' Rex Patrick
'The story of the flashy entrepreneur, surrounded by lackeys, promising the world while bleeding it dry is one for our time.'Chris Masters
- GenresNonfiction
379 pages, Kindle Edition
Published September 1, 2026
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Displaying 1 - 5 of 5 reviews
October 16, 2026
Insightful and shocking! I find it terrible how the greed of people like Greensill and Gupta can just do this without any sign of regret or sense of wrongdoing.
This entire review has been hidden because of spoilers.
October 2, 2026
amazing detailed account
The book was amazing, it kept me glued and every chapter kept on uncovering this person who thought it was his birth right to steal other people’s money, which they evidently will never go back and this gentleman will go Scott free!
The book was amazing, it kept me glued and every chapter kept on uncovering this person who thought it was his birth right to steal other people’s money, which they evidently will never go back and this gentleman will go Scott free!
October 23, 2026
The Big Steal by investigative award winning journalist, Paul Barry, is a comprehensive and exceptionally detailed account of the shocking activity and reveals on the biggest scammer ever. As the subtitle states: How steel tycoon Sanjeev Gupta fooled Australia and the world.
As I followed the details of each chapter, my jaw dropped open time after time. How did this man nicknamed the ‘saviour of steel companies’ get away with so much? Yes, he appeared to rescue company after company. But the reality was much different. If this was fiction, we would be analysing the character arc of Gupta. And in many ways, this true story begs for in a depth character scrutiny.
What drew people in to his web of lies and deceit? He offered them hope. Businesses (like Whyalla Steelworks in South Australia) on the brink of disaster were open targets—along with the people who tried to find something to hold on to, to keep their jobs and towns running. Understandable. When humans are at the end of their ropes financially, and a lifeline shoots out to them, of course they are going to grab on. So when Gupta waltzes in with big promises, this man with a golden tongue and loads of charisma, many fell to the deception. They thought he would save their businesses, homes and lifestyles. He promised to keep the steel companies going, thus saving their jobs. But facades can be deceiving—in how they hide the truth. And in this case, it was masked by a charismatic personality, that allowed one tycoon to build and crash his Eight Billion metals empire. He loved playing the Messiah role. And he got many important people on board before the final disaster.
One business relationship I found intriguing was between Gupta and Lex Greensill, an expat Australian sugar cane and watermelon farmer. Barry’s physical description of this man is somewhat humorous, comparing him to Woody from Toy Story with his “wide-eyed innocence and permanent smile.” I followed the tale of these two men desperate to make it big, both outsiders “knocking on the door of British society”. Both driven, had the “gift of the gab”, were “super salesmen and financial alchemists.” The fact that Greensill loaned Gupta hundreds of millions of dollars is quite a statement of their ‘symbiotic’ relationship. And their horrendous rise and fall separate and together is well documented.
We learn that Paul Barry didn’t speak with Gupta for The Big Steal, despite his best efforts. But he did interview several people who worked for him. Some found Gupta “incredibly charming and persuasive,” others called him a ‘narcissist’.
Why were people – including the media – so willing to believe in the “steel saviour”? Barry Paul says: “I think they were desperate, and I think he had a vision they wanted to believe in – why wouldn’t you believe in saving the planet, saving these communities and saving the steel industry? It was a story that everyone wanted to believe and they just didn’t look hard enough.”
Without getting into the extensive details of this account which is way more than I could ever comment on, I recommend you read Paul Barry’s The Big Steal (great play on words here!) which is an incredibly informative narrative. Barry’s likeable wit and penetrating insight make this a memorable and fascinating read. Well worth the effort. It may open your eyes to the next rising false saviour. 5 Stars ⭐️⭐️⭐️⭐️⭐️
Thanks to Allen & Unwin for a review copy.
As I followed the details of each chapter, my jaw dropped open time after time. How did this man nicknamed the ‘saviour of steel companies’ get away with so much? Yes, he appeared to rescue company after company. But the reality was much different. If this was fiction, we would be analysing the character arc of Gupta. And in many ways, this true story begs for in a depth character scrutiny.
What drew people in to his web of lies and deceit? He offered them hope. Businesses (like Whyalla Steelworks in South Australia) on the brink of disaster were open targets—along with the people who tried to find something to hold on to, to keep their jobs and towns running. Understandable. When humans are at the end of their ropes financially, and a lifeline shoots out to them, of course they are going to grab on. So when Gupta waltzes in with big promises, this man with a golden tongue and loads of charisma, many fell to the deception. They thought he would save their businesses, homes and lifestyles. He promised to keep the steel companies going, thus saving their jobs. But facades can be deceiving—in how they hide the truth. And in this case, it was masked by a charismatic personality, that allowed one tycoon to build and crash his Eight Billion metals empire. He loved playing the Messiah role. And he got many important people on board before the final disaster.
One business relationship I found intriguing was between Gupta and Lex Greensill, an expat Australian sugar cane and watermelon farmer. Barry’s physical description of this man is somewhat humorous, comparing him to Woody from Toy Story with his “wide-eyed innocence and permanent smile.” I followed the tale of these two men desperate to make it big, both outsiders “knocking on the door of British society”. Both driven, had the “gift of the gab”, were “super salesmen and financial alchemists.” The fact that Greensill loaned Gupta hundreds of millions of dollars is quite a statement of their ‘symbiotic’ relationship. And their horrendous rise and fall separate and together is well documented.
We learn that Paul Barry didn’t speak with Gupta for The Big Steal, despite his best efforts. But he did interview several people who worked for him. Some found Gupta “incredibly charming and persuasive,” others called him a ‘narcissist’.
Why were people – including the media – so willing to believe in the “steel saviour”? Barry Paul says: “I think they were desperate, and I think he had a vision they wanted to believe in – why wouldn’t you believe in saving the planet, saving these communities and saving the steel industry? It was a story that everyone wanted to believe and they just didn’t look hard enough.”
Without getting into the extensive details of this account which is way more than I could ever comment on, I recommend you read Paul Barry’s The Big Steal (great play on words here!) which is an incredibly informative narrative. Barry’s likeable wit and penetrating insight make this a memorable and fascinating read. Well worth the effort. It may open your eyes to the next rising false saviour. 5 Stars ⭐️⭐️⭐️⭐️⭐️
Thanks to Allen & Unwin for a review copy.
October 20, 2026
This is an amazingly detailed book and it is hard to believe it’s based on fact. I found it is intriguing how brazen Sanjeev Gupta was in his business dealing and I couldn’t quite believe how he managed to deceive so many people including politicians all around the world. Having grown up in Whyalla I can only hope that by the end of this year a new owner for the steelworks is found and the town can begin a new era.
October 19, 2026
An excellent account of the dodgy dealings of the steel saviour.
Displaying 1 - 5 of 5 reviews