The ‘scary’ state of Whyalla steelworks’ bank balance revealed by administrators
by Jonathan Barrett Business editor from World news | The Guardian on (#6VNHD)
Scathing assessment shows operation was losing $1.5m a day, running low of critical materials and owed creditors more than $1.3bn
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The Whyalla steelworks was running on empty" and left in a dangerous" financial position by its former owner, according to a scathing assessment of the South Australian project by the administrators.
It was also losing $1.5m a day, running low of critical steelmaking materials and owed creditors more than $1.3bn, those at the first creditors meeting heard on Monday.
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