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Arrium administrator still chasing $100m

Business

Arrium’s administrator is still seeking another $100 million to make the Whyalla steelworks attractive to potential investors, despite Prime Minister Malcolm Turnbull having ruled out an immediate bailout.

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Turnbull has refused to add to a $50 million contribution by the South Australian Government until the completion of a government-commissioned review, but administrator Mark Mentha says he is still working to secure the funds.

Mentha says the sale or recapitalisation of Arrium is expected to begin next month, with bailouts by state and federal governments crucial to make Arrium “a much more attractive and sustainable proposition for potential investors”.

As reported yesterday, SA Premier Jay Weatherill has written to the Prime Minister and Opposition Leader Bill Shorten seeking a $100 million contribution to the steelworks.

However, Turnbull said further funding would be “premature” until a government-commissioned review by expert adviser Russell Caplan was completed.

Shorten said he would meet with Weatherill to “look at the options”.

-AAP

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