Whyalla Steelworks sale enters final bidding round

The federal and South Australian governments have jointly announced that the sale of the Whyalla Steelworks has advanced to its final stage with two bidders shortlisted.

This process follows the South Australian Government’s decision to place the former owner into administration last year — a necessary step to secure the Steelworks’ long-term future.

The governments say these actions have restored confidence in Whyalla and attracted genuine international competition for a new owner committed to maintaining sovereign steelmaking capability in South Australia.

Together, the two governments are investing up to $1.9 billion in partnership with a new owner to transform the steelworks into a modern, low-emissions facility. The shortlisted bidders have been invited to submit final funding proposals.

The sale has remained highly competitive, with more than 70 parties expressing initial interest. Five domestic and international industrial groups progressed to the binding bid stage earlier this year, with two now selected to advance.

The governments continue to provide joint funding of administration costs at the facility, ensuring administrators can maintain safe operations, pay wages and suppliers, and undertake critical works to improve the steelworks’ prospects of a sale to a new owner.

Both governments say they will continue to back workers and the community as the steelworks transitions to modern steelmaking under new ownership.

“The Whyalla intervention is central to … securing sovereign steelmaking, backing workers, and building the next chapter of low-emissions Australian manufacturing,” said Minister for Industry and Innovation and Minister for Science Tim Ayres. “This is about keeping Australian steel onshore for decades to come using Australia’s abundant resources and renewable energy to create more value, more jobs and lower emissions.

“The interest in Whyalla reflects what we already know: this is a strategic, pit-to-port asset with a strong future in iron and steel, and it belongs at the heart of a Future Made in Australia.”

“The intervention we led in Whyalla in partnership with the Albanese government has given the Australian structural steel industry a stable footing and the prospect of a strong future,” said Peter Malinauskas, Premier of South Australia. “We are pleased to see two high-quality bidders shortlisted for the sales process.

“These bidders are well resourced and well positioned to deliver what we have always sought — a long-term, modern, low-emission sovereign steelmaking business capitalising on the opportunities before us in the Upper Spencer Gulf and its world-leading magnetite resource.

“We know this massive transition will not occur without some pain — but we must not lose sight of the opportunity to secure this crucial industry for our nation for the long term.”

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