Details about creditor payments and new jobs at South Australia's Whyalla steelworks are expected to be revealed at a public meeting this morning.
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00:00Newly appointed administrators of the Wayella Steelworks are currently holding a town hall
00:08meeting with locals to provide an update on the troubled operations.
00:14Businesses and employees will learn more about payments to creditors, moves to employ more
00:22staff on the site, as well as how administrators have gone about restructuring the finances
00:29of the company, which was losing $1.5 million per day.
00:36One Steel administrator, Korda Menthar, took over the management of the business last month
00:41after the state government forced the works into administration, which were previously
00:46owned by GFG Alliance.
00:49One Steel is estimated to owe creditors $1.3 billion.
00:55At the time, the federal and state governments announced a $2.4 billion rescue package to
01:01support the works as it goes through this transitional period.
01:05But with the administration process expected to take 18 months to complete, administrators
01:11are concerned they simply don't have the funds to keep the steelworks operating for the next
01:17year.
01:18During last night's federal budget, the government said that it would be open to the idea of
01:23supporting an extension of the administration process, but they also say that that decision
01:30would ultimately be up to future governments.