The Albanese and Malinauskas governments have announced $2.4 billion in rescue funding to save the Whyalla Steelworks after the facility was forced into administration.
It comes after the steel mill was forced into administration by the South Australian government due to crippling debts and operational struggles.
The Whyalla Steelworks had been beset with financial difficulties under its previous owner, British billionaire Sanjeev Gupta’s GFG Alliance.
The company owes tens of millions of dollars in unpaid royalties to the South Australian government and an additional $15 million to SA Water.
Prime Minister Anthony Albanese and South Australian Premier Peter Malinauskas have announced funding to rescue Whyalla Steelworks. Pictures: NCA NewsWire / David Mariuz, Dean Martin
Prime Minister Anthony Albanese and South Australian Premier Peter Malinauskas, unveiled the massive rescue package at a press conference on Thursday.
Liberal MP Zoe McKenzie defended the intervention, but argued the government should not be in the business of running steelworks.
Mr Albanese did not rule out nationalising the plant if a buyer could not be found, but expressed confidence that someone would come forward.
“My government is building Australia’s future and to do that, we need Whyalla steel,” Mr Albanese told reporters.
“Whyalla steel has forged some of our country’s biggest projects – rail lines, airports, and stadiums.
Sky News
