Whyalla steelworks crisis deepens as blast furnace fails to restart, jobs at risk
Workers at Whyalla steelworks in southern Australia are struggling to restart the city's blast furnace, with South Australian Premier Peter Malinauskas calling the situation 'very concerning'.
The blast furnace at the Whyalla steelworks, controlled by GFG Alliance, has failed to return to iron production after planned maintenance last month. Engineers found that damage to the furnace's refractory lining is far more extensive than originally documented.
The South Australian state government said it could step in if GFG does not cover repair costs. Roughly 1,100 workers have been put on temporary unemployment-fund support; the Whyalla site supplies about 75% of Australia's structural steel.
BlueScope Steel shares jumped 4.3% on the Australian Securities Exchange in Melbourne, while bonds linked to GFG creditor Greensill Capital's US affiliate fell 2 points. Federal Treasurer Jim Chalmers called an emergency national industry meeting for Monday.
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