South Australia Takes Control of Whyalla Steelworks to Protect Country’s Steel Supply

The business has been placed under administration in an attempt to salvage the operations.

A factory worker moves steel rods at the Multi Slide Industries manufacturing plant in Adelaide, Australia on Aug. 12, 2013. Morne de Klerk/Getty Images

The South Australian Labor government has placed OneSteel Manufacturing Pty Ltd, the owner of Whyalla Steelworks, into administration, citing concerns over financial stability.

The state has appointed KordaMentha as administrator under section 436C of the Corporations Act 2001, with the hopes of stabilising operations and finding a potential new owner.