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GFG Alliance, owners of the Whyalla Steelworks have had an action filed against them in the NSW Supreme Court, by Citibank, who filed the action on behalf of Credit Suisse.

The action has caused concern over the future of the Whyalla Steelworks, however Federal Member for Grey, Rowan Ramsey says it is far too early to speculate on potential outcomes with so much to play out ahead of the matter being heard in the NSW Supreme Court - the matter is set down for a directions hearing on May 6.

Mr Ramsay went on to say, "My case for Whyalla, for steel in Australia, has never changed....Australia cannot afford to not have a sovereign capacity in heavy duty steel, in long products, in structural steel - of which, all of that sits in Whyalla. From the point of view of South Australia, and Whyalla - we cannot afford to not have a major industry in Whyalla, and that's the steel industry. We'll be pretty determined to make sure all that survives, but it's way too early for the Government to be doing anything, other than watching closely."

Image: Whyalla Steelworks in 2017 (By Alex Cimbal/