The cost of finding a buyer for the troubled Whyalla steelworks has now blown out by hundreds of millions, with administrators earning close to $53 million during the protracted sale process.
KordaMentha was appointed voluntary administrator of OneSteel Manufacturing, the owner of Whyalla steelworks in South Australia, in February 2025.
Whyalla steelworks collapsed into administration in February 2025. Wikimedia Commons
That same month, the federal and SA governments announced a taxpayer-funded $2.4 billion rescue package to save the steelworks from permanent closure.
Over the past 17 months, the administrators and KordaMentha’s 333 Capital subsidiary have been paid a total of about $53 million for their part, according to documents…