Public meeting held to discuss payments to creditors and new jobs at Whyalla steelworks

Details about creditor payments and new jobs at South Australia's Whyalla steelworks are expected to be revealed at a public meeting this morning.

Transcript

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.