Joint media release with the Premier of South Australia Peter Malinauskas.

Today, the Albanese and Malinauskas Governments announce that the sale of the Whyalla Steelworks has progressed to a shortlist of two bidders, as the process enters its final stages. 

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. 

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 Albanese and Malinauskas 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 share this vision for the Steelworks’ transition and 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 will continue to back workers and the community as the Steelworks transitions to modern steelmaking under new ownership. 

Quotes attributable to Minister for Industry and Innovation and Minister for Science Tim Ayres: 

“A Future Made in Australia means making the things Australia needs here. The Whyalla intervention is central to that: securing sovereign steelmaking, backing workers, and building the next chapter of low‑emissions Australian manufacturing.” 

“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. 

“We’re partnering with South Australia and will work with a new owner to modernise Whyalla - investing alongside industry to deliver a modern, low‑emissions facility and a stronger industrial future. 

“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.” 

Quotes attributable to Peter Malinauskas, Premier of South 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. 

“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. 

“This is a position we would have gladly taken when we put the Steelworks and associated mine operations into administration a little over a year ago. 

“We look forward to completing the work ahead.”