The ‘scary’ state of Whyalla steelworks’ bank balance revealed by administrators

Before the Whyalla steelworks was forced into administration, GFG had been under pressure from the South Australian government to pay debts to creditors and the state. Photograph: Michael Evans/Alamy

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.