The Federal Government has not ruled out making further offers of assistance to entice a buyer to invest in Whyalla's troubled steelmaker Arrium.
Federal Industry, Innovation and Science Minister Greg Hunt is in South Korea meeting with the country's largest steelmaker Posco — the only company to show interest publicly in Arrium, which went into administration in April with debts of about $4 billion.
The group in South Korea includes South Australian Treasurer Tom Koutsantonis and the unions. Mr Hunt said he would meet with Posco today.
"We are only here because this is a deadly serious bid and we're deadly serious that Australia, South Australia and the workers will do all they can to give the workers the best shot at a deep long-term future," Mr Hunt said.
He said the administrator had indicated there was interest in Arrium but only one company had expressed it publicly.
"We would be happy to meet with any other bidders that are public. This is the one public bidder at this stage but we are in the hands of the administrator," Mr Hunt said.
"We would be very happy to support any bidder because at the end of the day our process, our concern is to assist the workers of Arrium to make sure they have a long-term future.
"[To support] a buyer that is going to invest, a buyer that is going to commit and a buyer that ultimately is going to give those workers, those families, the magnificent community of Whyalla a deep long-term future."
Hunt 'won't speculate' on extra support
He said the Federal Government had offered the support of the Export Financial and Insurance Corporation and the Clean Energy Finance Corporation for appropriate projects.
"In addition to that we have provided $49 million in the form of a loan for upgrading the mining arm of the project so that's a very significant offer of assistance that we are bringing at this stage," he said.
"I know South Australia [Government] will have there own elements and the workers are also seeking to operate very constructively with any potential buyer."
When asked if the Federal Government would offer more to a prospective bidder, Mr Hunt replied: "I'm simply won't speculate".
Last week administrator KordaMentha stated in a creditors' report that it had identified a "number of transactions" prior to the company's collapse that warranted further scrutiny.
"There is evidence which warrants further investigation as it suggests that the Arrium group of companies may have traded whilst insolvent for a period," the report stated.
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