It has been an unprecedented 24 hours for Australia’s steel industry. The federal and South Australian governments will fund a 2.4 billion dollar rescue package for the Whyalla Steelworks, labelling it an investment in the nation. The jointly funded package will focus on paying off creditors, delivering plant upgrades and supporting a new owner, when one is found.
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00:00A sense of relief for these workers in Wyala.
00:06It's a great day, seriously. I've been here 25 years and this is a good day.
00:11The frustration and the uncertainty is what the killer is.
00:14The announcement of a $2.4 billion federal and state support package greeted with applause
00:21as the Prime Minister offered a helping hand to South Australia.
00:25This is the heart of this area in Wyala but the arteries spread out right around the country.
00:34The Steelworks, which employs 1,100 people directly, was taken over by billionaire businessman
00:40Sanjeev Gupta's GFG Alliance in 2017 after it had gone into administration.
00:47But eight years later, with hundreds of millions of dollars owed to creditors, the business
00:52is once again back in administration, with $50 million of taxpayers' money set aside
00:59to pay its debts.
01:00We're not supporting Mr Gupta. We're not bailing out Mr Gupta. His debts are his debts to be
01:05accounted for. No one's bailing him out. Far from it.
01:09The opposition leader Peter Dutton's supporting Labor's rescue package.
01:13We want to make sure that jobs are protected and that steelmaking continues because it's
01:18an essential industry for our country.
01:20But the Prime Minister wouldn't be drawn on whether the funding relies on him holding
01:24government.
01:25Well, we're going to win the next election.
01:27Blue Scope Steel, Australia's largest steel manufacturer, which is in talks with the administrators
01:32called Amentha, in the mix to take over the crippled business.
01:37And I am absolutely certain that there will be people coming forward wanting to take up
01:43this opportunity.
01:44An opportunity to save the Steelworks again.