Australian Government Announces $2.4 Billion Rescue Plan for Whyalla Steelworks
The package aims to stabilize operations, support workers, and ensure a sustainable future for Australia's steelmaking industry.
- Prime Minister Anthony Albanese unveiled a $2.4 billion support package for Whyalla after the steelworks was placed into administration by the South Australian government.
- The rescue plan includes $384 million to maintain operations during administration, $100 million for immediate local support, and $1.9 billion for long-term infrastructure upgrades.
- A $1 billion green iron investment fund has been established, with up to half allocated to Whyalla, to promote sustainable steel production.
- South Australian Premier Peter Malinauskas emphasized that the intervention is not a bailout of the steelworks' former owner, GFG Alliance, which owes creditors at least $300 million.
- The federal and state governments are working to secure a private buyer for the steelworks to ensure its long-term viability and protect local jobs.
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