00:00There's long been a cloud over wireless steelworks, and the South Australian government says today
00:07the sky has begun to clear.
00:09This means that GFG are no longer running the wireless steelworks.
00:15The announcement follows an extraordinary morning in South Australia's parliament.
00:19In just a matter of minutes, a bill to force the steelworks into administration passed
00:23the lower and then the upper house, and soon the Premier and senior ministers were walking
00:28down North Terrace to get the Governor's assent.
00:31It's just too important.
00:32We couldn't have GFG holding back steelmaking in this country.
00:37The steelworks last went into administration in 2016.
00:41It was sold to British billionaire Sanjeev Gupta, who recently secured approval for a
00:46major renovation on his $34 million Sydney Harbourside mansion.
00:51But his promises to upgrade and expand the Wyler plant haven't eventuated, and he has
00:56unpaid debts to contractors, companies and even the state government.
01:01GFG have played a pretty hard game.
01:03The umpire's called time on it, and I think we need to move forward.
01:08Hopefully there's something in there for the current creditors, because no one wants to
01:13see those companies get ten cents and a dollar or whatever, however it works.
01:18The Prime Minister is expected to travel to Wyler tomorrow, with plans to announce a support
01:23package for the city.
01:24We're big believers in the future of the Australian steel industry and Australian manufacturing
01:29more broadly.
01:30No government has been a bigger believer in a future made in Australia than ours.
01:34In a statement, GFG says it's assessing what the government's announcement means, and is
01:39seeking advice on its options.
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