My superficial analysis for Whyalla is not all doom and gloom.
There is a Federal assistance package of A$1.9 billion for restructuring plus $1.0 green steel help.
Green H2 production at Whyalla has been withdrawn from the mix.
https://www.msn.com/en-au/money/economy/how-whyalla-can-be-upgraded-to-green-steel-and-why-we-need-to-keep-steel-production-in-australia/ar-AA1zE3Sn
H2 can still be manufactured at Cape Hardy and a pipeline to Whyalla costs approx US $1.2 m / km
An EAF costs US $616 per ton of production for 1 million ton production of steel beams
https://www.steelonthenet.com/cost-eaf.html
Looks like the rescue package is about right.
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