Federal, SA governments pledge $2.4 billion for Whyalla Steelworks

Prime Minister Anthony Albanese announced a $2.4 billion rescue package for the Whyalla steelworks in South Australia following the company's administration due to significant unpaid debts. The support will be delivered in three parts: $100 million in immediate assistance, $384 million for stabilization, and $1.9 billion aimed at long-term investment in the site. This steelworks is crucial for Australian steel production, employing 1,100 workers directly and supporting over 2,000 indirectly. The financial assistance comes as the state and federal governments work with a new owner to ensure the facility's sustainable future amidst challenges posed by the potential influx of cheap Chinese steel due to U.S. tariffs. The South Australian government had previously appointed administrators due to GFG Alliance's failure to meet its financial obligations. Albanese emphasized the importance of the workforce in securing the region's economic future.