The future of two steel plants in Waratah and Mayfield are under review, after South Australian owners, Arrium, were placed into voluntary administration.
The struggling steel and mining group suspended trading its shares on the stock exchange on Wednesday, after its lenders rejected a $1.23 billion funding deal to slash its debt.
Arrium has appointed Grant Thornton as the administrator, he says the company will be trading “business as usual”.
Meantime, Industry Minister Christopher Pyne says the federal government is ready to help workers who may be affected by possible job cuts.
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