The Prime Minister and South Australian Premier have officially signed-off on the $ 2.4-billion package aimed at saving the Whyalla steelworks which employs 11-hundred people. Opposition Leader Peter Dutton today also pledging to match the Federal Government's contribution. But with the businesses now in administration and carrying debts of over $300 million, it remains unclear just how much struggling local creditors will get back.
Category
📺
TVTranscript
00:00Formerly signing the deal to secure a steel future for Wayella.
00:07Jobs and the future of the steel industry, and the future of Wayella.
00:10Yesterday the Federal and South Australian governments unveiled their plan to rescue the steelworks
00:15after it was forced into administration, removing owner GFG Alliance from the business.
00:21With a $2.4 billion support package to keep the facility running through the administration period and beyond,
00:28with the goal to attract a new buyer.
00:30In Adelaide today, the opposition leader Peter Dutton confirming he will honour Labor's steelworks package
00:36if he becomes the next Prime Minister.
00:39We'll provide the same amount of money for packages that will provide support to the steel industry and South Australia.
00:47That's our commitment.
00:49But that's where the common ground ended as he attempted to use the scrapping of a local hydrogen power plant
00:55to attack the Prime Minister.
00:57The green hydrogen hoax that Anthony Albanese has presided over is not going to work.
01:03The $600 million the South Australian government had earmarked for hydrogen,
01:08redirected to the steelworks following its forced administration on Wednesday.
01:13I think it's a sensible, practical decision that the South Australian government have made
01:19to defer that, to use those funds for the immediate needs which are there.
01:25It's a new day in Wayella, and as the dust settles, locals are coming to terms with what's next for their town,
01:32where 1,100 jobs rely directly on the steelworks.
01:36Fingers crossed. I think everyone's just fingers crossed we're a tiny little town and we just hope for the best.
01:43I think with the money they're putting on the table, we'd encourage somebody to look at it.
01:47$1.9 billion has been set aside to upgrade the ageing facility, which would include a new arc furnace.
01:54While a separate $50 million package has been allocated to reimburse contractors for unpaid bills,
02:01GFG has failed to pay.
02:03But the steelworks' debts exceed $300 million.
02:07Chris Fuster worked there for 20 years.
02:10It's rooted. It's run down, it's depressing, and I feel for the people that work there.
02:16The Administrator's Quartermentha will hold the first meeting with creditors in Wayella in 10 days' time.
02:24For more UN videos visit www.un.org