Australia announces $1.5 billion bailout for Whyalla steelworks

Australia's Prime Minister Anthony Albanese and South Australian Premier Peter Malinauskas have announced a $1.5 billion support package for the Whyalla steelworks after its owner, GFG Alliance, was placed into administration due to significant debts. The package, valued at A$2.4 billion, will be jointly funded by federal and state governments and is structured into immediate, short-term, and long-term phases. The initial A$100 million will cover creditor payments and infrastructure upgrades, while A$384 million is allocated for the steelworks' operations during administration. Additionally, A$1.9 billion is earmarked for future upgrades and new infrastructure to ensure the plant's sustainability. Albanese emphasized the importance of the steelworks, which produces 75% of Australia’s structural steel, to the nation's manufacturing capacity. The governments are also establishing a green iron investment fund, with up to half of the A$1 billion available for the Whyalla plant.