The Whyalla Steelworks is set to receive a funding boost from the Federal Government, with $222.6 million allocated in the latest Budget.
Treasurer Jim Chalmers said the funding will support ongoing stabilisation efforts, adding to more than $2 billion already committed by State and Federal governments.
The Steelworks has been in administration since March last year, with its blast furnace still offline for maintenance.
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Five international parties have now been shortlisted as potential buyers for the embattled facility.
