I always expected some form of government intervention not only...

I always expected some form of government intervention not only due to the industries directly and indirectly effected, but noting the Federal Government's receptiveness to provide aid, there is the matter of national security.

A country that cannot--immediately and on demand--process its own steel is disadvantaged in military endeavours and infrastructure rebuilding as it is reliant on the relationships of its steel exporting allies, which even if maintained would require shipping delays and possible shipment interception.

The Federal Government cannot risk having one of its largest steel producers disappear. In fact, I would not be surprised if the US, via NATO's relationship with Australia has urged the Feds to save ARI. It would be interesting to know the forces at work behind the scenes that do not make the news.