Scathing assessment shows operation was losing $1.5m a day, running low of critical steelmaking materials and owed creditors more than $1.3bn

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The Whyalla steelworks was “running on empty” and left in a “dangerous” financial position by its former owner, according to a scathing assessment of the South Australian project by the recently appointed administrators.

It was also losing $1.5m a day, running low of critical steelmaking materials and owed creditors more than $1.3bn, those at the first creditors meeting heard on Monday.

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