The South Australian-based company,Australia’s last commercial steelmaker, is in voluntary administration with debts of $2.8bn. Should the government intervene to save the industry? And what could be done? On Thursday, or steel company Arrium announced it was going into voluntary administration. Arrium employs nearly 10000 workers in South Australia,Victoria, Queensland, and Western Australia and current South Wales and has racked up $2.8bn worth of debt.
The administrators,Grant Thornton, have offered assurances that the company will continue to function in the short term, or but the announcement does diminutive to ease the uncertainty for workers of Australia’s only remaining commercial steel producer.
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Source: theguardian.com