GRAEME GOODINGS: Well, the countdown is on for the Prime Minister to announce the expected $2 billion bailout for the Whyalla Steelworks. Exactly how it will be implemented we don't know. But we're going to find out from the Prime Minister at 10:30 this morning or thereabouts.

Ed Husic is the Federal Energy Minister. Minister, just how important is it to keep Whyalla operating?

ED HUSIC, MINISTER FOR INDUSTRY AND SCIENCE: Whyalla produces 75 per cent of the structural steel of the country. So, much of what it has made sits in our railway tracks. It sits as the spines of buildings that are all over cities in the country. And they've been there for us and it's time for us to step up for Whyalla, frankly. And what we want to make sure is that there is a strong future for steel making in Australia. And Whyalla has a huge role to play in that, and that's why we've announced what we have. We think it's important to give certainty. Whyalla, that has been left in limbo for too long wondering what might happen to it. We want to provide certainty, and we also importantly want to provide a clear picture about the future for Whyalla, which we believe is a strong one.

GRAEME GOODINGS: The people of Whyalla say why has it taken so long? Contractors haven't been paid. The State Government actually is owed, you know, tens of millions in royalties. SA Water is owed $15 million. Why was no action taken before this?

ED HUSIC: There was a hope that the owners, the former owners, would actually pay their bills, invest in the way that they said they would and provide the certainty needed for Whyalla. When that didn't happen, governments decided to step in. We commend the leadership of the Malinauskas Government in taking the steps that it has to provide, start that process of providing certainty. Now it's to the Albanese and Malinauskas Governments to work together to be able to signal to future buyers of Whyalla that we're ready to work. We think there's a strong future and an important role for Whyalla to keep making structural steel well into the future.

GRAEME GOODINGS: The question has to be asked, why did the government invest $63 million in Sanjeev Gupta to establish electric arc steel? And this was at a time that he was under investigation in Britain by the Serious Fraud Office. You know, isn't that dangerous investing money in someone who was already under investigation?

ED HUSIC: So, the $63 million came out of what we call a Powering the Regions fund. It was designed to support the transition to an electric arc furnace at Whyalla. The bulk, the overwhelming bulk of that commitment has not been extended to GFG. It stays in government hands, but importantly, it will be there as part of the transition longer term for new buyers. So, if a new buyer steps up, then we will use that money to support that process. And from our point of view, we wanted to make it clear that if the commitment is fulfilled, the money will be there. If it's not, it doesn't go out the door and the lion's share of that is not.

GRAEME GOODINGS: In terms of a new buyer, it is obviously absolutely important to get a new buyer. So, is any of this new money dependent on getting a new buyer in place or new owner?

ED HUSIC: I think it's important we recognise we're going through three phases here. The first one you've seen in the last 24 hours, moving into administration. The second phase is supporting the operations of the steelworks through administration. And that's what the Federal and State Governments have committed to in terms of supporting administration, working capital and keep the steelworks going. And the third phase is transformation, which we've said there'll be money on the table to support the transformation. Really critical. So, from our perspective too, as part of the administration process, we've been thinking a lot and I work with my state colleague, Tom Koutsantonis. We both recognise that there were some great people on the ground in Whyalla. Small businesses that have done work in good faith and are owed money will have the administrator work through how much is owed and attempt to pay them as much as they can. But we'll also have another funding place 100 billion as part of the administration process to be able to support contractors who've been left in a terrible position as a result of the former owners not paying their bills.

GRAEME GOODINGS: That's Federal Energy Minister Ed Husic.