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Administrator at Whyalla Steelworks warns of funding shortfall to keep the plant running
ABC NEWS (Australia)
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9 months ago
The administrator at the Whyalla Steelworks is warning it doesn't have sufficient funding to keep the plant operating for another 12 months.
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00:00
From today, the blast furnace will undergo a 36-hour shutdown to undertake some urgent
00:08
repair works.
00:09
That's according to the state's Minister for Energy and Mining, Tom Coutts Antonis.
00:14
The newly appointed administrators of the Wyala Steelworks, Kornementha, are warning
00:19
the plant is in a state of disrepair and they're extremely concerned for the health and well-being
00:25
of local workers.
00:26
Just a few weeks ago, the company held its first creditors' meeting where it was revealed
00:31
the plant was losing $1.5 million per day.
00:36
On Monday, Kornementha filed an affidavit seeking a 12-month extension for the next
00:41
meeting, saying that it may take that long to be able to restructure or sell the steelworks.
00:48
According to the affidavit, Kornementha says they've identified severe challenges in respect
00:53
to the state of disrepair of the works.
00:56
They also say that since taking control, they've also found that it's gone through
00:59
a period of underinvestment, no maintenance and poor health and safety practices.
01:05
Kornementha is saying that the steelworks does not have the funds to continue operating
01:10
for the next 12 months and they're still trying to access financial documents and records
01:16
from the previous owner, GFG Alliance.
01:19
Now in response to these allegations, GFG says that safety has always been its number
01:24
one priority and has made significant investment into the steelworks over the past several
01:29
years.
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