The sharp rise in iron ore prices has given ailing steelmaker Arrium's chances of survival fresh hope as Prime Minister Malcolm Turnbull and South Australian Premier Jay Weatherill held talks late on Tuesday about a potential bailout package to prevent the Whyalla steelworks closing.
Mr Turnbull is scheduled to visit the Arrium steelworks at Whyalla on Wednesday as part of his broader visit to South Australia and the advanced talks on a bailout plan come at a time when a jump in iron ore prices puts the high-cost operations into a more viable position.
