Administration then Liquidation, page-40

If gov is not helping, then just close the whyalla steel. The 2 EAF in melb and syd are profitable and we should keep it open. Mining consumables div is cash generating.

With cost cutting on the middleback range, I can see it can survive over time.

It's probably the right move for steel workers to reject paycut anyway since accepting it would be a lose-lose situation.
But for arrium, it's the more desireable outcome because the company will have a higher morale ground to justify sacking more workers.

The whole gso deal was onle scripted to bring everyone to work together imo. The $10m fee is peanuts compared to the alternative, which is to do nothing until 30 june with lots of media speculation..

Right move by the management..but overall they still have a poor business management record.