Steelworks administrator reveals depth of financial woe

The Whyalla Steelworks was losing $1.5 million a day in the months before going into administration. (Isabella Ward/AAP PHOTOS)

Almost 3500 creditors are owed more than $1.3 billion by the Whyalla Steelworks, the first meeting of creditors of OneSteel has been told. 

Joint administrator Sebastian Hams said the steelworks and associated mines had been "really relying on the resilience and personal capital of employees and subcontractors to keep operations running in seriously challenging circumstances".